Skip to main content

In our most recent report (May 25, 2013 - $19.63 (U.S.)), we stated that Manitowoc Co. had a breakout (A) above the neckline (dashed line) of a bullish technical pattern known as a "W" formation (solid lines) and that it had higher targets. Following our report, the stock stayed in a trading range between $17 and $21 (dotted lines) and then pierced above it to signal the resumption of the up-trend (B). Currently over-bought, a better entry price may occur near $21.50-$22, but only a decline below about $20 would be negative.

Point & Figure measurements provide a target $29. The "W" formation (solid lines) supports 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.

Story continues below advertisement

Report an error Editorial code of conduct
As of December 20, 2017, we have temporarily removed commenting from our articles. We hope to have this resolved by the end of January 2018. Thank you for your patience. If you are looking to give feedback on our new site, please send it along to feedback@globeandmail.com. If you want to write a letter to the editor, please forward to letters@globeandmail.com.