Sify Technologies (SIFY) started 2018 with a bang. It had a sharp run up in September into October of 2017, when price rallied from around $0.80 per share to break above $2.00 per share. We can see in the daily chart below that price was consolidating in a triangle below $2.18 until late December.SIFY Daily Chart(click to enlarge)Continuation Breakout:- We can see that price started to break out of the triangle in late December, accompanied by strong volume.- As price crossed $3.00 this week, SIFY was sold off and price retreated to close at $2.32 after the end of the 1/9 session.- This pullback provides opportunity for buy-on-a-dip traders, who would wait to buy around $2.00. - The $2.15-$2.20 area could provide some initial support as well.- But I think there could be some near-term bearish momentum towards $2.00. - A break below $1.60 would kill this bullish outlook at least back to $3.00. - If price does get back to $3.00, it can potentially push higher within the context of the currently developing bullish trend. - Therefore, the reward to risk of buying around $2.00 makes SIFY a stock to monitor around these levels.