Manulife Financial Corp. (Wednesday’s close $28.93, MFC-T) experienced a series of rallies and declines from 2016 (not shown) to 2023 mostly between $15 and $28. The shaded area highlights the considerable resistance at $28. However, the recent rise above this level signalled a major breakout toward significantly higher targets (A).
Behaviour indicators including the rising 40-week Moving Average (40wMA) confirm the bullish status.
The recent rise from about $24 to $29 was quite sharp and may give way to a minor correction toward $27-28 for a better entry level. Only a sustained decline below the Average (currently near $26) would be negative.
Point & Figure measurements provide an initial target of $32. 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