First observations would indicate that this stock wasn't an immediate favourite at the beginning of the bull run we've seen since 2009 but started putting together the foundations of its own rally as recent as four years ago.
From that period up until the present day the performance of the price has been impressive to say the least with only one major pullback taking place at the start of 2015 but subsequently bouncing back strongly through two separate volatile occasions when all other stocks received a drubbing.
To break through the previous highs, this stock needed the support from the RSI as a momentum indicator which happened with ease which stems from the indicator's enduring run its had in not dropping underneath the 50 mark in almost four years. This combined with a risk on environment in recent months has seen the price make fresh inroads in exploring in grounds.
However one should be mindful of the positioning of the stochastic which has drifted into overbought territory together with the length of the move that has a lot of upside and very little to the down.
Weekly
Price support in the region of $140 played a pivotal role in holding up momentum as we saw on the previous chart. The second rally back to resistance of $170 fooled many into believing price could remain in a consolidatory range but this was disproved when the buyers got the upper hand in recent weeks.
This probably explains the momentous rally into fresh all time highs although it is becoming harder for price to keep up the pace. The momentum trend line highlighted in black shows how waning demand is taking effect. Couple this with the histogram on the MACD fading lower and the signs aren't difficult to see.
The next likely move would probably be a short term pullback to the once resistance line of $170 for a retest. If successful in holding it's ground, price could very well climb past its all time highs and onwards to $200.
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