Technical analysis shows the scientific measurement company is set to riseGetty Images/iStockphoto
Agilent Technologies declined from $55.33 (U.S.) to $30.22 (A-B), settled in a trading range mostly between $30 and $40 (2011), and then rallied and stayed in another range between $35 and $45 (2012-2013). This price action produced a bullish technical pattern known as a Duplex Horizontal (dashed lines). The recent rise to $47.47 (C) signalled the breakout and the start of a new up-leg. Current levels provide an attractive entry level. Only a decline below $40-$41 would be negative.
Point & Figure measurements provide targets of $54 and $59. The large Duplex Horizontal formation (dashed lines) supports higher targets.
Monica Rizk is the senior technical analyst for Phases & Cycles Inc. (www.phases-cycles.com). Ron Meisels is a contributor to the www.NA-marketletter.com website and Tweets at @Ronsbriefs. They may hold shares in companies profiled. Please see the site for a glossary.
Monica Rizk
Ron Meisels