Big move for Vail Resorts this morning. Shares are up just shy of 4% at mid day as a 3 month consolidation appears to be coming to an end. MTN has been trading inside a narrow range since the ‘Vaccine News’ week(Nov. 9-Nov. 13) while remaining very near the highs. This sideways action allowed the stock to work off November’s overbought reading without giving up much ground. Impressive considering MTN was up 140% from the March lows at the November 9th peak.
MTN is piercing a key overhead trendline that links the November/January highs. The stock’s daily MACD indicator is sitting near neutral signaling today’s breakout action has room to run. A key near term hurdle will be the $303.00 area. Just below is the stock’s all time high set back in Q3 of 2018. On the downside, a close back below $279.00 would violate last week’s low indicating more consolidation will be needed before MTN can mount a fresh rally leg.