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what the charts say

JDS Uniphase Corp. had a sharp decline from $29.12 (U.S.) to $8.59 (A-B) and then settled in a large trading range mostly between $9.50 and $15.50 (dashed lines). Although the stock is still within this large area of accumulation, the recent price action, and the move above the long-term falling trend-line, suggests renewed investor interest and the start of a new major up-leg (C). A sustained rise above $16-$17 would confirm this. Only a sustained decline below $12.50 would suggest that investors are not ready to create a new up-leg. A rise above $16-$17 would signal an initial Point & Figure target of $19. Higher targets are visible.

Monica Rizk is the senior technical analyst for Phases & Cycles Inc. (www.phases-cycles.com). Ron Meisels is a contributor to the www.NA-marketletter.com website and Tweets at @Ronsbriefs. They may hold shares in companies profiled. Please see the site for a glossary.

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