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Bullish on packaging giant Crown Holdings

Crown Holdings Inc. traded in a large triangle formation from 2011 to 2012 (dotted lines) and then rallied to a high of $45.25 (A). Subsequently it settled in a large trading range mainly between $40 and $45 for about one year (dashed lines). Recent price action indicates renewed investor interest and the start of a new major up-leg (B). A minor correction may occur, but only a decline below $44-$45 would be negative.

Point & Figure measurements provide targets of $54 and $59. The large trading range (dashed lines) supports higher targets.

Monica Rizk is the senior technical analyst for Phases & Cycles Inc. ( Ron Meisels is a contributor to the website and Tweets at @Ronsbriefs. They may hold shares in companies profiled. Please see the site for a glossary.

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