Briggs & Stratton Corp. stayed in a wide horizontal trading range mostly between $17 and $24 for several years (dashed lines). The recent rise to $25.92, above the top of this range (A), suggests a breakout and the start of a new major up-leg. A sustained rise above ±$26 would confirm this. Behaviour indicators including the rising 40-week moving average (40wMA) and the rising trend-line (solid line) confirm the positive status. Only a sustained decline below ±$22 would be negative. Point & Figure measurements provide targets of $29 and $32. The large trading range (dashed lines) 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