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(Getty Images/iStockphoto)
(Getty Images/iStockphoto)

What the Charts Say

Bullish on Ingram Micro Add to ...

Ingram Micro Inc. traded in a wide horizontal trading range below $21 (U.S.) for more than 13 years (dashed line). The recent rise to $26.12 (A) confirmed the breakout from this large base and signalled the start of a new up-move with major up-side targets.

Technical indicators including the rising 40-week moving average (40wMA) and the positive moving average convergence/divergence (MACD) confirm the bullish status. Ingram Micro is somewhat overbought, but only a decline below about $22 would be negative.

Point & Figure measurements provide targets of $29 and $34. The large base (dashed lines) supports significantly 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.

Follow on Twitter: @RonsBriefs

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