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Shares of Allergan (AGN) - Get Allergan plc Report are breaking out today. The stock is up over 2.5% and is moving past heavy resistance near the $317 area. Allergan peaked here in late October and was unable to move past this level in early November. Since then, the stock has been consolidating in a bullish flag formation.

Today, this healthy four-week pattern appears to be giving way to a fresh rally leg. Investors should view today's rally very positively as the stock's near-term technicals are pointing toward more upside.

Immediately following Allergan's  powerful Oct. 29 surge, the stock ran out of upside momentum. With the October 29 rally AGN had stretched a five day winning streak into a 20% gain. A consolidation was needed to refresh the bull trend. AGN did exactly that while the stock's upward sloping 200 day moving average provided steady support.

Allergan's  breakout today will need a bit more upside before the $315-to-$317 area can be considered key support. This will likely play out early next week as traders return from the break. This support zone includes the stock's October/initial November highs at the upper band and last week's high at the lower band. With this solid footing underneath, Allergan is set up well for a run back up to its 52-week highs near $340. Investors should consider the stock a buy on weakness with a focus on the before-mentioned support zone for entry opportunities.

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Disclosure: This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.