Chart - Breakout on Weekly Time Frame

This post does not constitute a recommendation to buy or sell SIQ. It is for informational purposes only.

1. Price has closed for the week above a previous weekly swing point high ($6.89) - steady uptrend continues.
2. Strong weekly performance compared to the stock market - up 8.0% for the week. ASX200 Index was down 1.5%.
3. Price has closed above the top Bollinger Band on a weekly time frame for the first time in approx 9 months.
4. Weekly Directional Movement - DI+ line has crossed above DI- line.

Notes of Caution:
1. I would be careful buying breakouts in this stock. For the last 6 months it has been in a "creeping" uptrend where every time it breaks above a previous swing point high it then falls back below the high and retraces back to the green uptrend line shown on the chart below. It may be best to wait for a pullback before entering a position.
2. I believe the stock market is due for a correction in May therefore I would be careful opening any new long positions.

Weekly RSI Chart


Weekly Bollinger Band Chart: