The recent rise above the top of this range signalled a breakout and the start of an uptrend toward higher targets (C).
Behaviour indicators including the rising 40-week Moving Average (40wMA) and the rising trend-line (solid line) confirm the bullish status. A minor correction toward $13 would provide a good entry level. Only a sustained decline below $11.50-$12.00 would be negative.
Point & Figure measurements provide an initial target of $16. Higher targets are visible.
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
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