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Kirby's price action produced the first three moves of a bullish technical pattern known as a “W” formation (dashed lines).

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Kirby declined from $124.12 to $44.63 (A-B), had a recovery rally to $73.25 (C) and then returned toward the previous low (D). This price action produced the first three moves of a bullish technical pattern known as a "W" formation (dashed lines).

The subsequent rise to $73.40 (E) above the now rising 40-week Moving Average (40wMA) is bullish. However, a sustained rise above $74-75 would signal: a breakout from the "W" pattern, renewed investor interest and the start of a new major up-leg.

Only a decline below $62 to $63 would be negative. A rise above $74 to $75 would signal Point & Figure targets of $84 and $89. Higher targets are visible.

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Monica Rizk is the senior Technical Analyst and Ron Meisels is the president of Phases & Cycles Inc. ( And he tweets at @Ronsbriefs. They may hold shares in companies profiled.

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About the Authors
Senior Technical Analyst at Phases & Cycles Inc.

Monica Rizk, Senior Technical Analyst, has a Bachelor's degree in Business Administration and completed the Canadian Securities Institute course. She has been with Phases & Cycles since September 2000 and specializes in the research of Canadian and US stocks using Point & Figure as well as bar chart analysis. More

President of Phases & Cycles Inc.

Ron Meisels, President, Phases & Cycles Inc., has been active as an Analyst since 1971. He was Vice President and Director of Technical Research of Nesbitt Thomson (now BMO Nesbitt Burns) from 1982 to 1990. He was ranked among the top three technical analysts by Canadian Institutions for six consecutive years (Brendan Wood Survey). More


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