On Oct. 15, 2021 ($19.38) we identified a breakout and the start of an up-trend above a rising trendline (solid line). Following our report, Uni-Select UNS-T (Friday’s close $34.79) soared to a high $38.94 in August of this year, for a 101-per-cent gain in ten months (A).
The stock was extended at that level and far above the 40-week Moving Average (40wMA). It is currently in the midst of a minor correction and should find good support toward the average for a good entry point (B). Only a sustained decline below ±$31 would be negative.
Behaviour indicators including the rising 40-week Moving Average (40wMA) and the rising trendline (solid line) confirm the bullish status.
Point & Figure measurements provide targets of $42 and $46. Higher targets are visible.
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Monica Rizk is the Senior Technical Analyst ofthe Phases & Cycles publication (www.capitalightresearch.com). Chart source: www.decisionplus.com
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