Imax IMAX-N rallied from $6.01 in 2020 to $25.05 in 2021 (A-B) above the rising 40-week Moving Average (40wMA), reversed the trend four months later when it fell below the average (C), and then settled in a horizontal trading range mostly between $13 and $22 (dashed lines). The recent surge above this range suggests a breakout and the start of a new uptrend (D); a sustained rise above $25 would confirm it.
Behavior indicators including the rising 40wMA confirm the bullish status. There is good support near $21-22; only a sustained decline below ±$20 would cancel the current upside potential.
Point & Figure measurements provide targets of $28 and $31. The large trading range (dashed lines) supports higher targets.
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Monica Rizk is the Senior Technical Analyst of the Phases & Cycles publication (www.capitalightresearch.com). Chart source: www.decisionplus.com