Cemex has been trading above a rising trend-line for more than two years (dashed line) and has a rising 40-week moving average (40wMA). It stayed in a minor trading range mostly between $10 (U.S.) and $12.50 in 2013 (dotted lines). The stock recently pierced above the top of this range to signal the resumption of the up-trend (A). Only a decline below the rising trend-line near about $11.50 would be negative.
Point & Figure measurements provide targets of $15 and $17 (15.6-per-cent and 40-per-cent appreciation potentials from current levels). 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.
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- Cemex SAB de CV$9.13-0.05(-0.54%)
- Updated August 22 4:00 PM EDT. Delayed by at least 15 minutes.