George Weston WN-T (Jan. 25′s close $168.72) rallied from $91.95 in February 2021 to $162.51 in April 2022 (A-B) and then stayed in a horizontal trading range mostly between $140 and $162 for about eight months (dashed lines). The recent rise above the top of this range signalled a breakout and the start of a new up-leg toward higher targets (C).
Behaviour indicators including the rising 40-week Moving Average (40wMA) confirm the bullish status. There is good support near $162-164; only a sustained decline below the 40wMA (currently near $156) would be negative.
Point & Figure measurements provide targets of $200 and $215. The large trading range (dashed lines) supports higher targets.
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Monica Rizk is the Senior Technical Analyst of the Phases & Cycles publication (www.capitalightresearch.com). Chart source: www.decisionplus.com
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