In our previous publication (Dec. 28, 2013 - $18.83 U.S.) we reported that Miller Industries had a breakout from a large trading range (dashed lines). Subsequently, the stock settled in a narrow range between $17 and $19 (dotted lines). Recent activity (A) indicates a bullish sentiment and suggests that the stock is ready to resume the up-trend. A sustained rise above $20 would confirm this. Only a decline below about $17.50 would be negative.
Point & Figure measurements continue to provide targets of $22 and $24 plus an additional target of $26 (13-per-cent, 23-per-cent and 33-per-cent appreciation potentials from current levels). The large base supports 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.