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NEW YORK ( TheStreet) -- Linear Technology  (LLTC) may be on the verge of an upside breakout. On Wednesday, the semi stock traded through a key overhead trend line that linked the April and late March highs with the help of a 2.5% gain. Volume remained below average, which has been a five-week trend, but did pick up a bit. Yesterday, shares extended the rally as it moved past the previous month's peak. LLTC backed off slightly to close near the April high but did attract heavier trade with the gain.

Since the start of February, LLTC's 200-day moving average has provided very solid support. The powerful rally off the Oct. 15 low pushed shares above this heavy long-term moving average in early December. The stock has been stubbornly holding the 200-day since. In April and May, the 200-day has marked both monthly lows almost perfectly.

This consistent -- and intensifying -- support is providing LLTC with the solid footing to mount a new bull leg.

Of late, Linear's range has been very narrow. The stock spent the entire month of April trading inside the March range. It's almost certain that LLTC will do the same in May. This consolidation will likely give way soon, and indications are now stacking up for an upside move.

A close above the April high ($48.10)  could supply the spark needed to lift shares back up to their 2015 high.

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At the time of publication, Morrow had no positions in the stocks mentioned.