CCL Industries CCL.B-T rallied from $34.57 in 2020 to $75.19 in 2021 (A-B), reversed the trend in October of the same year (C) but then settled in a bullish technical pattern known as a Triple Bottom (dashed lines). The stock had a breakout from this pattern to $74.49 in March (D) but was quite overbought at that time and far above the rising 40-week Moving Average (40wMA). It has been trading within a horizontal trading range mostly between $68 and $74 since the March high (dotted lines). This trading range allows the 40wMA time to catch up to the price (a correction in time). A sustained rise above $75-76 would signal the resumption of the uptrend.
There is good support near $68-69 and then again at the 40wMA (currently near $66); only a sustained decline below the latter would be negative.
A rise above $75-76 would signal Point & Figure targets of $89 and $99. The large Triple Bottom supports higher targets.
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Monica Rizk is the Senior Technical Analyst of the Phases & Cycles publication (www.capitalightresearch.com). Chart source: www.decisionplus.com