Stericycle (SRCL) was upgraded by TheStreet Ratings quantitative service so it may keep advancing, but important overhead resistance above $130 is likely to cause STRL to struggle.
In this daily chart of SRCL, above, we can see a temporary breakdown below the $110 level. Prices recovered quickly and then went on to break above the December and January highs. Some chartists would consider that price action a bear trap -- prices break support, volume increases but follow-through selling doesn't happen and prices reverse to the upside, trapping the people who got bearish below $110.
The slope of the 50-day moving average line has turned positive, but prices are currently struggling around the down-sloping 200-day moving average line. The bottom two panels are not a problem with the On-Balance-Volume (OBV) line moving up to confirm the price action and the momentum study going along also. Before we move off of this chart we want you to take note of the lows of May and July, around $130. This was support in 2015 and should act as resistance this year until it is overcome.
In this weekly chart, above, we can see the number of times SRCL bounced off of the $130 level, which acted as support for several months until prices broke below it. The roles should be reversed now, and the investors who paid $130 to buy SRCL will be looking to sell it (resistance) as we revisit the area again. The rest of the technical signals on this chart are mixed. The Moving Average Convergence Divergence (MACD) oscillator gave a cover shorts buy signal. The OBV line move up on this timeframe recently and prices are testing the declining 40-week moving average line. The bull/bear battle will continue until one of them gets the upper hand.