MasTec MTZ-N rallied from $22.52 in March 2020 to $122.33 in June 2021 (A-B) and then settled in a descending parallel channel for about one year (dotted lines).
The stock had a breakout from this channel in November 2022 (C), pulled back to the 40-week Moving Average (40wMA – D) and rallied to a higher high recently to confirm the start of a new up-trend toward higher targets (E). The recent correction toward the 40wMA provides another good entry level. The recent minor correction provides a good entry level (F).
Behaviour indicators including the rising 40wMA and the rising trendline (solid line) confirm the bullish status. There is good support near $85; only a sustained decline below this level would be negative.
Point & Figure measurements provide targets of $115 and $125. 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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