Johnson Controls JCI-N had a sharp rise from $22.78 in 2020 to $81.77 in 2021 (A-B) above the rising 40-week Moving Average (40wMA). The stock reversed the trend in 2022 when it fell below the average (C) and then settled in a wide horizontal trading range mostly between $47 and $70 (dashed lines). The stock had a breakout above this range earlier this year and exceeded the 2021 high to confirm the new uptrend (D).
Behavior indicators including the rising 40wMA and the rising trendline (solid line) confirm the bullish status. The current pullback should provide a good entry-level. Only a sustained decline below $74-75 would be negative.
Point & Figure measurements provide targets of $99 and $109. The large trading range 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
Monica Rizk is the Senior Technical Analyst of the Phases & Cycles publication (www.capitalightresearch.com). Chart source: www.decisionplus.com