Sealed Air (Friday’s close $54.94) started a multiyear down-trend in late 2015 below a falling trend-line (dotted line) that ended with a sharp drop in early 2020 (A).
The stock had a quick reversal from this low and soon reached above the 40-week Moving Average (40wMA) and above the falling-trend-line. It paused for a brief period of consolidation (B), but then quickly headed to an all-time high (C). This move confirms the major up-trend and signals higher targets.
Behaviour indicators including the rising 40wMA and the rising trend-line (solid line) confirm the bullish status. A minor correction toward $50-52 would provide a positive entry level. Only a sustained decline below ±$48 would be negative.
Point & Figure measurements provide targets of $64 and $69. 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
Be smart with your money. Get the latest investing insights delivered right to your inbox three times a week, with the Globe Investor newsletter. Sign up today.