I tend to trade longer term breakouts and ride trends but it's been a slow year. I'm looking for price to bounce off the 200 SMA and move higher. I don't think the bulls will give up control very easily so we should see at the every least a small move upwards.
Keep in mind most of my trades are made from a minimum TF of Daily. I'm expecting price to rise and cap out at around $53. If price continues any higher than that not only will I be surprised but I will look to hold until the 2016 highs of $52. If it breaks higher than that then you know the deal, ride the trend.
Its still early to call this yet but price is printing new yearly highs by going through the 200 SMA. Could this be part of something larger? Remember if you plan on taking a long that 1.3 is a large mental barrier for many traders.