A Show of Strength From Harris

 | Aug 11, 2017 | 2:50 PM EDT
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Stock quotes in this article:

hrs

Harris Corp. (HRS) has been in a strong uptrend since early 2016. The company has been making new highs this month, ignoring the weakness in the major averages. What's ahead for HRS? Let's look at the charts and indicators for some guidance.

In this daily bar chart of HRS, below, we can see prices are above the rising 50-day moving average line as well as the rising 200-day average. The On-Balance-Volume (OBV) line has moved higher the past 12 months, including a new advance starting in May that has made a new high to match and confirm the new price highs. In the lower panel is the 12-day momentum study, which is not showing any significant bearish divergences. Onward and upward!

In this weekly bar chart of HRS, below, we can see the longer-term strength in this name. Prices have been above the rising 40-week moving average line since the middle of 2016. Looking at the weekly OBV line, we get a clue about the subsequent bull move with the OBV line turning up in April 2016. The Moving Average Convergence Divergence (MACD) oscillator is crossing to the upside for a fresh outright go-long signal.

In this Point and Figure chart of HRS, below, we can see the uptrend and a nearby price target near $130.

Bottom line: We have a Point and Figure target of around $130 for HRS, but the March-June price consolidation (see the first chart above) suggests we could rally well beyond $130 to around $160. Investors should risk a close below $105.

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