Crown Holdings Inc. traded in a large triangle formation from 2011 to 2012 (dotted lines) and then rallied to a high of $45.25 (A). Subsequently it settled in a large trading range mainly between $40 and $45 for about one year (dashed lines). Recent price action indicates renewed investor interest and the start of a new major up-leg (B). A minor correction may occur, but only a decline below $44-$45 would be negative.
Point & Figure measurements provide targets of $54 and $59. The large trading range (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.
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- Crown Holdings Inc$53.22-0.89(-1.64%)
- Updated January 20 4:02 PM EST. Delayed by at least 15 minutes.