Bemis Co. Inc. stayed in a trading range mostly between $27.50 and $34 for a number of years (dashed lines). It had a breakout from this range in 2013 and rallied to a high of $42.34 (A). It then settled in a corrective descending parallel channel made up of lower highs and lower lows (dotted lines). When preceded by a rise, such action usually leads to a new up-leg. Bemis did exactly this as it broke out of the pattern and reached a recent high of $49.44 (B). Only a sustained decline below $43 would be negative. Point & Figure measurements provide targets of $54 and $59. Higher targets are visible.
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.