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BRP DOO-T (Wednesday’s close $117.91) rallied from $18.56 in March 2020 to $129.98 in September 2021 (A-B), then reversed and declined to $73.74 in March 2022 (C). From there, it settled in a wide horizontal trading range mostly between $79 and $108 (dashed lines).
The recent rise above the top of this range signaled a breakout and the start of a new uptrend toward higher targets (D).
Behaviour indicators including the rising 40-week Moving Average (40wMA) and the rising trendline (solid line) confirm the bullish status. A minor correction toward $108-110 would provide a better entry. Only a sustained decline below $100-105 would be negative.
Point & Figure measurements provide targets of $125 and $135. The large trading range (dashed lines) supports higher targets.
Monica Rizk is the Senior Technical Analyst of the Phases & Cycles publication (www.capitalightresearch.com).
Chart source: www.decisionplus.com
Monica Rizk is the Senior Technical Analyst of the Phases & Cycles publication (www.capitalightresearch.com). Chart source: www.decisionplus.com
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