In our previous report (Oct. 10, 2020 - $24.69) we identified a large multiyear trading range mostly between $4.00 and $7.00 (dashed lines), the breakout to $29.20 in July, 2020, followed by a minor correction that found support at ±$18 (A).
Ballard (Friday’s close $45.70) traded near this level for a number of months and then resumed the up-trend and reached a recent high of $53.90 (B) for a 118-per-cent appreciation since our report four months ago.
Ballard is becoming overbought and may soon become subject to a minor correction, which would provide another attractive entry point. There is good support near $35-40 and then again at ±$30 (shaded area); only a sustained decline below this level would be negative.
Point & Figure measurements provide targets of $54 and $59. 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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Monica Rizk
Ron Meisels