In our most recent publication on Tyson Foods Inc. (January, 2016 – $51.22) we reported a breakout from a large trading range (dashed lines) and the start of a new up-leg. Following our report, Tyson Foods had a sharp rise to a high of $70.44 for a 38-per-cent appreciation in four months (A). The stock then had a minor pullback toward its 40-week moving average (40wMA) to provide another good buying opportunity (B). Only a decline below $57 to $58 would be negative. Point & Figure measurements provide targets of $72 and $76. The large trading range (dashed lines) supports significantly higher targets.
Monica Rizk is the senior technical analyst and Ron Meisels is the president of Phases & Cycles Inc. and he tweets at @Ronsbriefs. They may hold shares in companies profiled.
Chart source: www.decisionplus.com.