Thor Industries rallied from $9.54 (U.S.) to $36.49 (A-B) then settled in a trading range mostly between $20 and $37 (dashed lines). The stock pierced above the top of this range in late 2012 and reached $45.75 to signal the breakout and the start of a new major up-leg (C). A pullback toward $39-$40 would provide a good entry point. Only a sustained decline below about $35 would be negative.
Point & Figure measurements provide targets of $48 and $54. The large trading range (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.
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