SKUL Reaches Up For Some Candy

Skullcandy (SKUL) completed a 6-months bottoming consolidation by closing above the 6.10 level. Although the breakout was on 9x average volume and the stock closed above the 200 MA, there are a couple of warning signs:
1. For a measured move to the upside targeting 7.10, the reward to risk is 2 which is low. I would rather wait for a pullback to go long at a lower price.
2. There is a gap from March 8th, which usually acts as resistance.

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SKUL Daily

SKUL Daily

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