We recommended Rogers on October 2, 2015 ($46.34) and again on January 29, 2016 ($47.97). The stock reached a high of $58.99 in August (A), became extremely overbought and we suggested taking a profit at $55.67 (September 23, 2016) in view of the temporary downside risk.
After a sharp decline, Rogers found support near ±$50 (B). Recent price action signaled the resumption of the up-trend (C). Behaviour indicators including the rising 40wMA confirm the bullish status.
There is good support at ±$60 and only a decline below ±$58 would be negative.
Point & Figure measurements provide a target $69. The large base (dashed lines) supports higher targets.
Monica Rizk is the senior Technical Analyst and Ron Meisels is the president of Phases & Cycles Inc. (www.phases-cycles.com). And he tweets at @Ronsbriefs. They may hold shares in companies profiled.
Chart source: www.decisionplus.com
Monica Rizk
Ron Meisels