Harris (HRS) was analyzed back in August, where I wrote, "We have a Point and Figure target of around $130 for HRS, but the March-June price consolidation suggests we could rally well beyond $130 to around $160. Investors should risk a close below $105." Now that HRS has reached our $160 price target a reappraisal of the charts is needed.
In this daily bar chart of HRS, below, we can see how prices have risen since December -- the rising 50-day moving average line was tested many times. The daily On-Balance-Volume (OBV) line was in a very strong uptrend from May but it looks like it is rolling over the past two months. The Moving Average Convergence Divergence (MACD) oscillator peaked in late February but it looks like it could be turning higher again.
In this weekly bar chart of HRS, below, we have a picture of a stock that has doubled in about two years. Prices are above the rising 40-week moving average line. The weekly OBV line is strong but the MACD oscillator is crossing to the downside for anther take profits sell signal.
In this Point and Figure chart of HRS, below, we can see an uptrend but also that prices are way above the last price target.
Bottom line -- HRS has reached our longer-term price target of $160 and we can see some signs of selling on the daily chart. Can prices still move higher? Why not and I would guess that $175 is the next objective, but in the same breadth I would raise stop protection to $149. The early March low is around $150 and a break of that level could mean that a correction is under way.