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Canadian Blue-chip Industrial Forum
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WHAT THE CHARTS SAYINVESTINGSaturday, September 23, 2017 MONICA RIZK, RON MEISELSBullish on D.R. Horton D.R. Horton (Friday's close $39.90 [U.S.]) rallied from $19.29 to $33.06 (A-B), declined to $22.97 (C) and then rose to ±$34.50, where it encountered resistance for about one year (dotted line). The recent rise above ±$35 signalled renewed investor interest, a breakout and the start of a new up-leg toward higher targets (D). Behaviour indicators including the rising 40-week moving average (40wMA) and the rising trend-line (solid line) confirm the positive status. There is good support at ±$35, but only a sustained decline below ±$33 would be negative. Point & Figure measurements provide targets of $39 and $44. Higher targets are visible. 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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