We published on Norbord Inc. on July 23, 2016 ($30.98), to report that a move above $29-30 would signal a breakout and higher targets. Soon thereafter, the stock broke above the top of the trading range (dashed lines) and has been in an up-trend above its rising 40-week Moving Average (40wMA) and above the rising trend-line (solid line). Norbord is currently in the midst of a minor correction. There is good support near ±$42, but only a sustained decline below ±$41 would be negative.
Point & Figure measurements provide a target of $54. 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
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