On July 9, 2016 (US$18.48), we reported that a rise above US$19.50-US$20 would signal targets of US$22 and US$25. Louisiana-Pacific Corp. fulfilled our targets as it rallied to a high of US$26.92 (A); it then pulled back to support for a much needed correction (B). On Sept. 2, 2017 (US$25.92), we provided targets of US$27 and US$29; soon afterward, the stock fulfilled our targets as it reached a high of US$31.07 (C). More recently, Louisiana-Pacific pulled back to support (D) and now appears ready to resume the up-trend toward higher targets. Only a sustained decline below US$26-US$27 would be negative. Point & Figure measurements provide targets of US$33 and US$37. The large base (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.
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