In February, 2014 (MI-N:$25.02[U.S.]) we reported that Ingram Micro Inc. had a major breakout from a multiyear trading range (dashed lines). The stock subsequently rallied to $30.96 in about three months for a 24-per-cent appreciation at that time (A). Subsequently, Ingram Micro pulled back to support at about $23 (former resistance – B), but recent price action confirms renewed investor interest and the resumption of the up-trend (C). Only a sustained decline below $26 to $27 would be negative. Point & Figure measurements provide targets of $34 and $39. The large trading range (dashed lines) supports significantly higher targets.
Chart source: http://www.decisionplus.com/.