Mastec Inc. (Friday’s close $70.71) rallied from $12.44 in February, 2016, to $55.52 in February, 2018 (A-B) above its rising 40-week Moving Average (40wMA). It then stayed in a horizontal trading range, mostly between $40 and $55 (dashed lines). The recent rise above the top of this area of accumulation signaled a breakout and the start of a new up-leg toward higher targets (C).
Behaviour indicators including the rising 40wMA and the rising trend-line (solid line) confirm the bullish status. There is good support near ±$62; only a sustained decline below $54-55 would be negative.
Point & Figure measurements provide targets of $74 and $79. The large trading range (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