Trivago NV (TRVG) has nearly doubled since its initial public offering last December but the rally isn’t over yet.  Shares soared nearly 12% on Monday after the travel planning company reported better-than-expected first quarter financial results.

The company reported revenue that rose 67.9% to €267.6 million – missing consensus estimates by €6.23 million – and net income of €0.02 – in-line with consensus estimates. The big surprise was a 151% increase in EBITDA to €19.3 million, which beat consensus estimates calling for EBITDA of €12.5 million. Qualified referrals – a key performance indicator for the company’s growth – also grew by 60% across all regions.

On a technical level, the stock was well on its way to completing a double top pattern that would have pointed to a significant retracement until its breakout from its all-time highs near R1 resistance at $18.91. The price would have had to reach the neckline at the pivot point of $15.76 to confirm the double top pattern. The continuation of the uptrend is supported by the moving average convergence-divergence (MACD) that remains bullish.

The downside is that the stock remains overbought when looking at the relative strength index (RSI) which stands at a lofty 76.22. Monday’s spinning top candlestick pattern also shows a high level of indecision in the marketplace as to where the stock is headed from here.

Traders should watch the stock for any further signs of a reversal or breakout given the apparent indecision in the marketplace. In particular, the stock could retrace back to R1 resistance at $18.91 or potentially move higher to break out from R2 resistance at $20.70. A breakdown could spell a move lower to the pivot point at $15.76 on the downside.

Charts courtesy of Author holds no position in the stock(s) mentioned except through passively-managed index funds.