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Technical analysis shows oilfield services and transportation company Mullen Group is set to rise. (MICHAEL BUHOLZER/REUTERS)
Technical analysis shows oilfield services and transportation company Mullen Group is set to rise. (MICHAEL BUHOLZER/REUTERS)

What the Charts Say

Bullish on Mullen Group Add to ...

In our previous publication on Mullen Group Ltd. (Sept. 22, 2012 - $23.30) we reported that it was on the verge of a breakout from a large base (dashed lines) and provided targets of $28 and $33. Mullen stayed in the range for a while longer, but then had a breakout and reached a high of $29.72 to fulfill our first target (A). It then pulled back to its rising 40-week moving average (40wMA - B). Recent activity suggests that the stock is ready to resume the up-trend (C). Only a decline below about $27 would be negative.

Point & Figure measurements provide targets of $33 and $37. Higher targets are visible.

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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