On Nov. 26, 2021 ($13.84), we identified a large horizontal trading range mostly between $7.50 and $12 (dashed lines), the breakout above this range (A), and provided a Point & Figure target of $16.
Celestica Inc. CLS-T (Friday’s close $15.36) continued to rise above a trend-line (solid line) and reached a recent high of $17 for a 23-per-cent appreciation at that time (B).
Behaviour indicators including the rising 40-week Moving Average (40wMA) and the rising trend-line confirm the bullish status. There is good support near $13-$14; only a sustained decline below this level would be negative.
Point & Figure measurements provide a target of $19. Higher targets are visible.
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Monica Rizk is the senior Technical Analyst of Phases & Cycles Inc. (www.phases-cycles.com). Chart source: www.decisionplus.com
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