Brookfield Asset Management rallied from $23.56 to $48.64 (A-B) and then settled in a horizontal trading range mostly between $40 and $47 for about two years (dashed lines).
Recent price action suggests the stock is on the verge of a breakout. A sustained rise above $47.50-48.00 would signal renewed investor interest and the start of a new up-leg.
Behaviour indicators including the 40-week Moving Average (40wMA) confirm the bullish potential. Only a decline below ±$44 would cancel the up-side potential.
A rise above $47.50-48.00 would signal Point & Figure targets of $53 and $57. Potentially higher targets are visible.
Monica Rizk is the senior Technical Analyst and Ron Meisels is the president of Phases & Cycles Inc. (www.phases-cycles.com). And he tweets at @Ronsbriefs. They may hold shares in companies profiled.
Chart source: www.decisionplus.com