stock
Toromont Industries (TIH-T, Wednesday’s close $115.43) declined from $124.25 in April 2022 to $95.98 in June of the same year (A-B) and then settled in a horizontal range mostly between $95 and $109 in the second half of 2022 followed by another range mostly between $103 and $117 (dashed lines). A sustained rise above $117-118 over the top of this two-part base would support significantly higher targets.
Behaviour indicators including the rising 40wMA confirm the bullish potential. There is good support near ±$110; a decline below this level would cancel the current upside potential.
A rise above $117-118 would signal initial Point & Figure targets of $135 and $145. Potentially higher targets are visible.
Monica Rizk is the Senior Technical Analyst of the Phases & Cycles publication (www.capitalightresearch.com). Chart source: www.decisionplus.com
Monica Rizk