Climbing Mountain: Share Of Vale Resorts Rising
Gary S. Morrow | Feb 16, 2021 02:53PM ET
Big move for Vail Resorts Inc (NYSE:MTN) this morning. Shares were up just shy of 4% at midday as a three-month consolidation appears to be coming to an end. MTN has been trading inside a narrow range since the vaccine news (Nov. 9-Nov. 13), while remaining very near the highs. This sideways action allowed the stock to work off November’s overbought reading without giving up much ground. It is impressive considering MTN was up 140% from the March lows at the Nov. 9 peak.
MTN is piercing a key overhead trendline that links the November/January highs. The stock’s daily MACD indicator is sitting near neutral signalling today’s breakout action has room to run. A key near-term hurdle will be the $303.00 area. Just below is the stock’s all-time high set back in Q3 of 2018. On the downside, a close back below $279.00 would violate last week’s low indicating more consolidation will be needed before MTN can mount a fresh rally leg.
Note: We have no position.
You can read Gary S. Morrow's original post here.
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