How urbane...

I previously recommended Urban Outfitters/URBN as an addition to the "chicken cyclicals" portfolio. (Please review archives.) Now it appears the shares are ready to go higher -- and on schedule, as the intermediate term base nears the 6-month mark (Sunday).

[click to enlarge]

"Urban Outfitters/URBN reported its Q1 (Apr) earnings of $0.32 per share, 2¢ better than the Reuters Estimates consensus of $0.30; revenues rose 35.8% year/year to $231.3 million vs the $230.1 million consensus."

URBN today rapidly accumulates the volume necessary for a good breakout (already ~65% of average daily volume less than one hour into the session), it nears its price breakout ($49; or $50 on the PnF), and it has the calendar working in its favor. URBN should go (higher) now.

I am long. Are you...?