Transcontinental TCL-A-B declined from $26.45 in August 2021 to $10.11 in November 2023 (A-B) below a falling trendline (dotted line) and below the falling 40-week Moving Average (40wMA). The stock rallied above these indicators in late-2023 to signal the end of the downtrend (C). Transcontinental has since started having higher highs above a rising trendline (solid line) and above the rising 40wMA. A sustained rise above $17 would confirm the continuation of the uptrend.
A minor correction toward $15.00-15.50 would provide a better entry point. Only a sustained decline below $14.50 would be negative.
Point & Figure measurements provide targets of $17.50 and $19.50.
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Monica Rizk is the Senior Technical Analyst of the Phases & Cycles publication (www.capitalightresearch.com). Chart source: www.decisionplus.com