In our previous publication (Feb. 2, 2013 - $42.35 U.S.) we reported a breakout from a large trading range (dashed lines). Following this report, Thor Industries Inc. started a new major up-leg and reached a high of $59.94 for a 42-per-cent appreciation in less than one year (A). Subsequently, the stock settled in a small triangle pattern made up of lower highs and higher lows (dotted lines), followed by the resumption of the up-trend and a new high of $64.71 (B) for a 53-per-cent appreciation since our report. Only a decline below about $54-$55 would be negative.
Point & Figure measurements provide targets of $69 and $74. The large base 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.
Follow Ron Meisels on Twitter:
- Thor Industries Inc$91.40-0.58(-0.63%)
- Updated May 26 4:02 PM EDT. Delayed by at least 15 minutes.