When we looked at SEK back in May, it appeared as though it was breaking to the upside. But it couldn’t follow through and instead continued the sideways drift. This is actually making the stock look even more bullish. The previous rally during February saw the stock rally up about $6.50 in the space of 4 weeks. Now, in about four and half months, the stock cannot retrace even half of the move that it made in February. It clearly indicates that the bulls are still in control. The longer that SEK uses up time here, the stronger the move when it eventually breaks to the upside. That is, a break to the upside could see it reach the $20’s in a very short amount of time. So SEK is one worth watching on a daily basis here to ensure we can catch the break as soon as it happens.
