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Canadian Blue-chip Industrial Forum
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WHAT THE CHARTS SAYINVESTINGSaturday, August 27, 2016 MONICA RIZK, RON MEISELSBullish potential on Winnebago Winnebago Industries Inc. (Friday's close $23.91 [U.S.]) rallied from $6.02 to $32.41 (A-B) above its rising 40-week moving average (40wMA). It declined below this average in early 2014 (C) and traded in a corrective parallel channel for about two years (dashed lines). The recent rise above the channel suggests: renewed investor interest, the breakout from the trading range and the start of a new up-leg (D). Behaviour indicators including the 40wMA and the rising trend-line (solid line) confirm the bullish potential. Only a decline below $20.50 would be negative. A rise above $24 to $25 would signal initial Point & Figure targets of $28 and $32. Monica Rizk is the senior technical analyst and Ron Meisels is the president of Phases & Cycles Inc. (phases-cycles.com). And he tweets at @Ronsbriefs. They may hold shares in companies profiled. Chart source: decisionplus.com |
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