Bullish on Grupo Simec
Grupo Simec had a sharp decline from $18.48 to $3.21 in 2008 (A-B), a recovery rally to $8.90 (C) and then settled in a horizontal trading range mostly between $6 and $9 (dashed lines). The stock then had a breakout from this range (D), pulled back to its 40-week moving average (E) and now appears ready to resume the uptrend (F). Only a decline below $8.50 would be negative.
Point & Figure measurements provide targets of $12 and $14. The large trading range (dashed lines) supports higher targets.
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