RB Global RBA-T rallied from $37.76 in March 2020 (not shown) to $101.93 in November (A) and then settled in a large three-year trading range mostly between $65 and $94 (dashed lines). On April 18, 2024 ($100.78) we identified the breakout from this range and provided targets of $115 and $125. The stock has since exceeded these targets and reached a high of $152.48 (B) for a 51% gain since our report.
RB Global is becoming overbought as it rallies further away from the 40-week Moving Average (40wMA) and the rising trendline (solid line), and may be subject to a minor pullback. There is good support near $125-130; only a sustained decline below this level would be negative.
Point & Figure measurements provide a target of $175. 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