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Founded as a shipbuilding company, Wisconsin-based Manitowoc now manufactures cranes and food services equipment (Photos.com)
Founded as a shipbuilding company, Wisconsin-based Manitowoc now manufactures cranes and food services equipment (Photos.com)

What the Charts Say

Bullish on Manitowoc Add to ...

The Manitowoc Co. had a sharp decline from $23.23 (U.S.) to $5.76 (A-B) and then settled into a bullish technical pattern known as a “W” formation (dashed lines). The rise to $21.35 (C) confirmed the breakout from this formation. The stock has since pulled back to support near its 40-week moving average (D) and now appears ready to resume the up-trend (E). Only a decline below around $18 would be negative.

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Point & Figure measurements provide targets of $22 and $24 (12-per-cent and 22-per-cent appreciation potentials from current levels). The large “W” formation (dashed lines) supports 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 us on Twitter: @Monicarizk1, @RonsBriefs

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