It can either be bought right here off support for a quick trade (with a tight stop in case it fails) OR you can wait for it to climb above short term resistance at 48.31 for confirmation.
What I think about this chart:
LITE broke out of a flawed . Its flawed because the 2nd leg is supposed to undercut the first leg. This helps flush out the weak hands. We didn't get that here but obviously it didn't matter.
After reporting on 2/8 LITE surged and ran over 35% until it started pulling back the last week of February.
It's been pulling back on low and is presently retesting the 44.70 as well as the 21ema. Note how tight the price action has been the last several days.
On the weekly chart, last week's retest of the also counted as a support week. LITE closed in the upper half of its trading range on elevated . This is a display of weakness being bought.
Finally, check out the RS line particularly on the weekly chart. It continues to break into new highs and is leading the market higher.
For a quick trade with an exit right below support, I think it's worth a shot here.
*LITE is in the telecom group and is joined by our number 1 favorite AAOI