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Terex Corp. declined from $45.46 to $22.01 (A-B), had a recovery rally to $29.32 (C) and then settled in a bullish technical pattern known as a V-Extended (dashed lines). The subsequent move above this formation (D) signalled the breakout from the pattern. The stock stayed in a horizontal trading range mostly between $29 and $34 for about five months, but the recent rise above this range signalled the resumption of the uptrend (E). Behaviour indicators including the rising 40wMA and the rising trend-line (solid line) confirm the positive status. Only a sustained decline below $30 to $31 would be negative. Point & Figure measurements provide targets of $38 and $42. Higher targets are visible.

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

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