Bullish on Kirby Corp.Getty Images/iStockphoto
Kirby Corp. declined from $124.12 to $44.63 below its falling 40-week Moving Average (40wMA - A-B). From January 2016 onward, it developed a technical pattern referred to as an "ascending triangle", which consists of a rising uptrend line (see dashed line) and a flat top line (see dotted line). The breakout from this pattern (C) signaled the beginning of a major up-leg.
The stock was recently subject to some minor profit taking (D) and found support near $70-72. Only a decline below $67-68 would be negative.
Point & Figure measurements provide targets of $84 and $89. The large ascending triangle pattern (dotted and dashed line) supports higher targets.
Monica Rizk is the senior Technical Analyst and Ron Meisels is the president of Phases & Cycles Inc. (www.phases-cycles.com). And he tweets at @Ronsbriefs. They may hold shares in companies profiled.
Chart source: www.decisionplus.com
Monica Rizk
Ron Meisels