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Open Text (Friday’s close $51.15) rallied from $23.84 in 2015 (A) to $48.28 in 2017 (B) above a rising trend-line (dotted line) and above its rising 40-week Moving Average (40wMA). It then settled in a horizontal trading range mostly between $40 and $48 (dashed lines).

The recent move above the top of the range suggests a breakout (C); a sustained rise above $49-50 would confirm the breakout and the start of a new up-leg.

Behaviour indicators including the rising 40wMA confirm the bullish potential. Only a decline below ±$45 would suggest a decline toward the bottom of the range.

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A rise above $49-50 would signal Point & Figure targets of $51 and $54. 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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