IGM Financial (IGM-T) rallied from $20.96 in 2020 (not shown) to $51.68 in 2021 (A) above the rising 40-week Moving Average (40wMA). In early 2022, the stock declined below the average (B) and started a downtrend below a falling trendline for about two years (dotted line). During the second quarter of 2024, IGM Financial rallied above the 40wMA and the falling trendline to signal a breakout and the start of a new up-leg (C).
Behaviour indicators including the rising 40wMA and the rising trendline (solid line) confirm the bullish status. The stock is currently undergoing a minor correction for a better entry level. There is good support near ±$41; only a sustained decline below this level would be negative.
Point & Figure measurements provide targets of $48 and $53. Higher targets are visible.
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Monica Rizk is the Senior Technical Analyst of the Phases & Cycles publication (www.capitalightresearch.com). Chart source: www.decisionplus.com