JBT Marel JBTM-N rallied from $56.17 in May 2020 (not shown) to $177.56 in November 2021 (A) but reversed the trend in 2022 when it declined below the 40-week Moving Average (40wMA – B). The stock then settled in a bullish technical pattern known as a “W” formation (dashed lines). The recent rise above the neckline of this pattern (shaded area) signaled a breakout and the start of a new uptrend (C).
Behaviour indicators including the rising 40wMA confirm the bullish status. There is good support near $-110-115; a sustained decline below this level would cancel the current upside potential.
Point & Figure measurements provide targets of $150 and $165. The large “W” formation (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