Jabil Circuit Inc. rallied from $10.17 in 2011 to $27.40 in 2012 (A-B) and then settled in a trading range mostly between $16.50 and $24 for about three years (dashed lines). Bullish sentiment drove the stock above the top of this range recently to suggest the breakout and the start of a new up-leg (C); a continued rise above $25 would confirm the breakout. Only a sustained decline below $21.50-$22 would be negative. Point & Figure measurements provide targets of $29 and $32. The large trading range (dashed lines) supports higher targets.
Monica Rizk is the senior technical analyst for Phases & Cycles Inc. 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.