Gibraltar Industries Inc. ROCK-Q traded below a falling trendline (dotted line) and below the falling 40-week Moving Average (40wMA) for about two years. In late-2022, the stock rallied above the 40wMA and above the falling trendline to signal the end of the negative trend (A).
Gibraltar reached a higher high earlier this year (B), then had a minor correction to support near the 40wMA (C) and recently exceeded the previous high to signal the start of a new uptrend (D).
Behaviour indicators including the rising 40wMA and the rising trendline (solid line) confirm the bullish status. A minor correction US$56-57 would provide a better entry; only a sustained decline below ±US$53 would be negative.
Point & Figure measurements provide targets of US$68 and US$74. Higher targets are visible.
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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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