Axcelis Technologies Inc. (Friday’s close $xx.xx) stayed in a trading range mostly between $14.50 and $23.00 from 2018 to 2019, and after a temporary dip during the March, 2020, “flash crash” (A), it stayed in another range mostly between $20 and $30 in 2020 (dashed lines). This price action produced a bullish technical price pattern known as a Duplex Horizontal. The recent rise above the second range signalled a major breakout from this formation and the start of a new major up-trend (B – solid line).
Axcelis is currently in the midst of a minor correction; there is good support near $35-$36. Only a sustained decline below $32-$33 would be negative. A move above $42-$43 would suggest the resumption of the up-trend.
Point & Figure measurements provide a target of $49. Higher targets are visible.
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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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