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  1. Home
  2. / Investing

Celestica Is Poised for an Upside Breakout

Here's a move aggressive traders could make now.
By BRUCE KAMICH
Jan 19, 2023 | 01:22 PM EST
Stocks quotes in this article: CLS

Toronto-based Celestica (CLS) is a leader in high-reliability design, manufacturing and supply chain solutions. Let's check on the position of the charts and indicators.

In this daily bar chart of CLS, below, I see a generally positive-looking chart picture. Prices made a low in September and a successful retest of that low in early October. Prices rallied with a strong upside price gap in October followed by a two month consolidation pattern. CLS rallied again in January.

Prices are above the rising 50-day moving average line and above the bottoming 200-day moving average line. The On-Balance-Volume (OBV) line has been steady since July but recently firmed as prices rallied in January. The Moving Average Convergence Divergence (MACD) oscillator is in a bullish alignment above the zero line.  

 
 
In this weekly Japanese candlestick chart of CLS, below, I see a promising looking picture. On a closing basis prices have made a new high for the move up. CLS trades above the now rising 40-week moving average line.
 
The weekly OBV line shows improvement from July but is still short of making a new high. The MACD oscillator is bullish. 
 
 
 
In this daily Point and Figure chart of CLS, below, I can see that the software is projecting the $22 area as a potential price target. A trade at $13.50 should refresh the uptrend. A trade at $15 is a multi-year breakout. 
 
 
 
In this weekly Point and Figure chart of CLS, below, I see the same $22 price target. 
 
 
 
Bottom line strategy: Aggressive traders could go long CLS at current levels risking to $11.50. The $22 area is our price target for now. 
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TAGS: Investing | Stocks | Technical Analysis | Trading | Software & Services | Technology

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