One of the leading global telecommunications companies in the world is Vodafone Group Plc (NASDAQ:VOD). The stock price has been steadily rising since December 2016 when it traded as low as $24.17 a share. Today, VOD stock is trading at $30.04 a share. It is safe to say that the stock has been gaining ground in 2017.
Traders should note that VOD stock is now moving into some major chart resistance around the $31.00 level. This is an important retrace area and a place on the chart where the stock broke down in June 2016. There will most likely be a lot of institutional selling around this $31.00 chart level for VOD stock.