The USD 59.5 target price, we set in the trading strategy we published the February 22nd, has been reached. We expect now a continuation of the bullish trend.

The company’s fundamentals are still strong. Sales are up 47.4% and profit is expected to rise by 270% in 2013. Analysts from Thomson Reuters consensus have revised largely upward their EPS estimates.

Technical patterns are in the green: prices are up for several months. The trend should continue in the coming trading sessions. The stock may use the USD 59.5 support, corresponding to the 20-day moving average, as a stepping stone to reach the USD 64.6 resistance.

According to both technical and fundamental elements, it seems opportune to take a long position at the current price. The bullish trend should allow the security to reach the USD 64.65 resistance. If the stock crosses it, a new target price will be set. A stop loss will be placed under the USD 59.5 short term support to avoid a downtrend.