SP Plus Corp $SP recently broke out of a period of consolidation as we can see on the daily chart. SP Daily Chart(click to enlarge)Breakout:- We can see that after making a higher around $41.70 a share, the share price of SP started to consolidate.- We can also see that the size of the swings during this consolidation was large at first, but eventually congested into a range roughly between $37 and $35. - Then in June, price started to rally sharply, broke the trend of narrowing volatility, broke above the $37 and the $38 resistance pivots as well as the 200-day simple moving average.- Meanwhile, the RSI pushed to 70. Now this could be the start of bullish momentum again, but it also means the market is a bit overbought within the context of consolidation.- But if we are breaking out of consolidation, we should probably limit expectation of downside.- If the market is turning bullish , the $38 level could serve as a support.- I would anticipate support around $37. - If price dips back below $36, then I think we have more consolidation/correction on the way. - For now, I think we can look at this as a potentially bullish market that is pulling back, which means it is a candidate for buying-on-the-dip.