Tupperware Brands Corp. traded mostly between $38 and $53 for more than one year (dotted lines), rallied to $71.99 (U.S.) (A) and then settled into a large wedge pattern made up of lower highs and equal lows. The recent rise to $67.82 (B) confirmed the breakout from the large wedge pattern and the resumption of the long-term uptrend. Current levels provide a good entry point. Only a sustained decline below the 40-week moving average (40wMA, currently near $58) would be negative.
Point & Figure measurements provide targets of $74 and $79. The large wedge 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.Report Typo/Error