General Cable Corp. declined from $49.32 to $20.21 (A-B), settled in a trading range mostly between $21 and $31 (dotted lines), rallied to $34.89 (C) and then settled in another range between $24 and $33 (dotted lines). This price action produced a bullish technical formation known as a Duplex Horizontal (dotted lines). The recent rise to $37.14 signalled the breakout above this pattern and the start of a new up-leg. Current levels provide a good entry point. Only a decline below about $31 would be negative. Point & Figure measurements provide targets of $44 and $49. 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.Report Typo/Error