RICK WILKING/Reuters
Kohl's Corp. had a sharp rise from $32.50 (U.S.) to $60.89 in 2009 (A-B) and then stayed in a multiyear descending parallel channel (dashed lines). The stock pierced above the top of this channel recently to signal a major change in direction and the start of a new up-leg toward higher targets (C). A minor pullback may occur but only a decline below $50-$51 would be negative.
Point & Figure measurements provide targets of $64 and $69. The large descending channel (dashed lines) supports significantly higher targets.
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.
Monica Rizk
Ron Meisels