Bank of Montreal BMO-T (Thursday’s close $156.61) ran into heavy resistance at $136-137 from late-2022 to late-2024 (shaded area), but had a clear breakout in December, 2024, and reached a high of $151.08 in February of this year (A). The stock was overbought at this time and had a brief pullback slightly below its 40-week Moving Average (40wMA – B); it then exceeded its February high to signal the resumption of the long-term uptrend (C).
Behaviour indicators including the rising 40wMA and the rising trendline (solid line) confirm the bullish status. There is good support near $140-142; only a sustained decline below this level would be negative.
Point & Figure measurements provide targets of $165 and $180. Higher targets are visible.
Monica Rizk is the Senior Technical Analyst of the Phases & Cycles publication (www.capitalightresearch.com). Chart source: www.decisionplus.com