In our previous report on Mondelez International Inc. (March 23, 2019, US$49.13), we suggested that a rise above US$47-48 would signal a breakout from a large trading range (dashed lines) and signal targets of US$54 and US$59. After our report, Mondelez (Friday’s close US$54.82) rallied to a high of US$56.72 to fulfill our first target (A) and confirm the start of a new up-leg (solid line).
The stock has been trading within a horizontal range mostly between US$52 and US$57 for the past four months (dotted lines). Only a sustained decline below the average (currently near ±US$51) would be negative while a rise above US$57-58 would signal the resumption of the up-trend.
Point & Figure measurements provide targets of US$59, US$64 and US$69. Higher targets are visible.
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Monica Rizk is the senior Technical Analyst and Ron Meisels is the president of Phases & Cycles Inc. (www.phases-cycles.com). And he tweets at @Ronsbriefs. They may hold shares in companies profiled.
Chart source: www.decisionplus.com