The stock is trading above its' 50 day moving average and around the 20 day moving average. A breakout should pull it well above the 20 day.
The correction here was shallow, maybe even a bit too shallow at 8.7%. The base is also shallow and has just two tiers. The first tier narrows the price action to a range of $5.41 ($2.5% of the high of the tier). The next tier widens the price action a bit to 3%.
It may consolidate a bit more before it breaks out but its' currently trading in a very narrow range with below the 50 day average. Today the has fallen even further. As I write this it's below 50% of the 50 day average and there's just over an hour of trading left in the day.
If this breaks to the upside I'll need to see solid coming along with it. I see some evidence of institutional accumulation
but not a heck of a lot.
If I do take a position I'll go in for 25% of a full position and see how it performs.