Following a breakout from a large wedge pattern in late 2018 (dashed lines) we recommended Metro MRU-T on Feb. 2, 2019 ($47.64), and again on Nov. 29, 2019 ($58.18).
After a brief correction temporarily below the 40-week Moving Average (40wMA) in March, 2020 (A), the stock quickly returned above its Average and reached a high of $66.25 (B). This was followed by another pullback in early-2021 (C) and then a return toward previous highs where it ran into resistance near $66 for about five months (dotted line).
The recent rise above this level signalled a breakout and the resumption of the long-term up-trend (D). Current price levels should provide a good entry. Only a decline below $62-63 would be negative.
Point & Figure measurements provide targets of $69 and $74. 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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