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Technical analysis shows the crane and food services equipment company is set to rise (iStockPhoto)
Technical analysis shows the crane and food services equipment company is set to rise (iStockPhoto)

What the Charts Say

Bullish on Manitowoc Add to ...

In our most recent report (May 25, 2013 - $19.63 (U.S.)), we stated that Manitowoc Co. had a breakout (A) above the neckline (dashed line) of a bullish technical pattern known as a “W” formation (solid lines) and that it had higher targets. Following our report, the stock stayed in a trading range between $17 and $21 (dotted lines) and then pierced above it to signal the resumption of the up-trend (B). Currently over-bought, a better entry price may occur near $21.50-$22, but only a decline below about $20 would be negative.

Point & Figure measurements provide a target $29. The “W” formation (solid 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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