The OSTK (Overstock.com) active long trade is still poised to move sharply higher following a sustained breakout above the R1 level, which comes in around 16.20. Following the more important breakout above the bullish falling wedge pattern earlier this month, which was the initial buy trigger on this trade, OSTK did give one very brief false breakout above the 16.20ish horizontal resistance level a couple of weeks ago. However, over the last two months the stock has been forming a potentially powerful base while tapping on that key overhead resistance level.

My final & preferred target at this time is T2 (18.30) which is just shy of the top of the April 23-24 gap although I may add an additional price target (T3) around the 22.60 area depending on how both OSTK & the broad market trade going forward. As a solid break above the 16.20 level would offer a new objective entry or add-on to an existing position, OSTK remains both an Active Trade as well as a Trade Setup at this time. A suggested stop based on the original entry, which was a break above the falling wedge around 15.30, would be any move below 14.50.