Box Inc. (Thursday’s close US$26.78) declined from US$29.79 in June, 2018, to US$15.64 in December (A-B), had a recovery rally to US$24.92 in March, 2019 (C), and settled in a horizontal trading range mostly between US$13 and US$22 for about two years (dashed lines).
The subsequent rise above this range (D) followed by the rise to US$27.41 (E) confirmed the breakout from the trading range and the start of a new uptrend.
Box had a correction toward the 40wMA recently to provide a good entry level (F). A sustained rise above US$27 (dotted line) would signal the resumption of the uptrend.
There is good support near US$24-$25; only a sustained decline below $23 would be negative.
Point & Figure measurements provide targets of US$28 and US$31. 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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