Ryan McVay
From the high of $98.31 (U.S.) (A), Jacobs Engineering Group Inc. had a sharp decline to $26 (B) below a falling trendline (see dotted line). This decline was followed by a large trading range mostly between $32 and $47 (see dashed lines). The recent rise to $46.40 (C) suggests the start of a new major up-move and a rise above $50-$51 would confirm it. Only a decline below $41-$42 would reverse the positive status of this stock.
Point & Figure measurements provide targets of $59 and $64 (24-per-cent and 34-per-cent appreciation potentials from current levels). The large base (see dashed lines) supports significantly higher targets.
Ron Meisels is a contributor to the www.NA-marketletter.com web site. Monica Rizk is the senior Technical Analyst for Phases & Cycles Inc. They may hold shares in companies profiled. Please see the site for a glossary.
Source: WWW.DECISIONPLUS.CA