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 thewww.NA-marketletter.comwebsite and Tweets at @Ronsbriefs. They may hold shares in companies profiled. Please see the site for a glossary.