Stock has crossed it previous highs and now got out of range of 9 years and price range from 30-200. So with a stop loss around 160 this breakout can be played and hope for 2x returns in this stock. so this is a high risk high reward setup.
Parallel channel breakout. Also 4 year resistance zone have become as a good support now for the stock. Easily can go to All time highs but first target can be 1420. There are three possibilities from here "a" ,"b" and "c".
a- stock can touch recent lows around 1160-70 and can bounce from there.
b- can touch the resistance zone once again and then bounce.
Earlier neckline of Cup and handle was acting as resistance zone. But after the breakout it is taking support at the same line. So the point is if it consolidates around this line then a fresh new move will come. Also the stock is at All time high levels and PE ratio is around 130, SO BE CAUTIOUS IN SUCH COUNTERS.