Superior Plus Corp. (Friday’s close $14.29) traded within a horizontal trading range mostly between $9 and $13.50 for the past four years (dashed lines). The stock dipped temporarily below this range during the March, 2020, “flash crash” (A); however, it quickly reversed.
Superior Plus moved above this level to $14 (B) recently to suggest the start of a powerful up-move. A sustained rise above $15 to 15.50 would signal a major breakout toward significantly higher targets. There is good support at $12; only a sustained decline below this level would be negative.
A rise above $15 to 15.50 would signal initial Point & Figure targets of $17 and $19. The large trading range (dashed lines) supports significantly higher targets.
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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
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Monica Rizk
Ron Meisels