Autoliv Inc. (ALV) Into A Breakout Zone After An Improved Forecast For 2010

Autoliv Inc. (NYSE: ALV) soared 5% by early afternoon trading to $51.75, after rallying to even higher levels following a gap-up opening. The world’s largest maker of automotive seat belts and air bags Autoliv Inc. (ALV) earlier increased its forecast for first-quarter sales and operating margin.

With this, Autoliv Inc. (ALV) has moved well past the double top formation pattern it was forming around $48.2. The stock is now in a new breakout area and could move towards $55.