This IPO Just Broke Out--New All-Time High

iHeartMedia reported earnings last Thursday, and broke out on Friday, gaining +14% on 2-times average volume. The company reported a loss in the 1st quarter, but revenues topped estimates.

 

The weekly chart above shows the breakout to a new all time high, so there is no overhead resistance after forming an IPO base lasting almost 22 months.

 

After a 14% daily gain, the stock is likely to pullback intraday, so I'm looking for an entry below Friday's close of $22.64. Stocks often pause on day 2 of a breakout. If that happens, watch to see if price closes in the upper 40% of Friday's range, as that would be a sign of support for the breakout.

 

There is no guarantee that IHRT will begin an uptrend, but I ♥  Breakouts!