In our previous report (Feb.4, 2018 - $76.45) we identified a large ascending triangle formation (dashed lines) and identified a breakout from this pattern and provided targets of $84 and $89.
Following our report, Kirby (yesterday’s close $xx.xx) rallied to a high of $94.05 to fulfill and exceed both of our targets (A). This sharp rise produced an overbought condition. The stock is currently in the midst of a minor correction. There is good support at ±$78 and only a sustained decline below $75-76 would be negative.
Behaviour indicators including the 40-week Moving Average (40wMA) and the rising trend-line (solid line) confirm the bullish status.
Point & Figure measurements provide targets of $99 and $109. 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
Monica Rizk
Ron Meisels