Thursday was a big day for high-end jewelry retailer Tiffany and Co. (TIF  ). After an upgrade from Citi, which cited strong tailwinds from foreign exchange along with tax reform, the stock blasted off 3.37%. Technical traders were, and will continue to be, all over this one.

Taking a look at a daily chart of Tiffany one can see that Thursday's move is almost a picture-perfect breakout. Following the base that has been in place since March, you can see the series of equal highs that technical traders noticed as resistance. Just as we have seen time and again in base breakout plays, shortly before a stock breaks out, it tends to create a smaller base inside of the main one.

Look back from March to September at the lows set in the range. From October to December, the stock was showing increased strength by failing to go below $90. From there it seems that a bit of good news in the form of an upgrade was just the ticket to get the bulls to bite.

So is it too late to participate? Well, that depends on where the breakout traders think their target is. From here we can look back to see that $109 was the prior and only resistance area in the way from this point. A move from $99 to $109 adds 10% to your account, so I would say there is still plenty of profit potential from here.

Keep in mind that Tiffany shares tend to move rather jerkily and a move to $109 will most likely not come in a straight line. Anytime you enter a stock, always look back and see how it performs. Is it more a smooth mover or does it have many stops and starts along its path? Tiffany tends to have many stops and starts, so a little patience may be needed.