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The Morgan Stanley weekly cycle turns up this week. Five of the last six buy signals have been successful in the last year and the last two signals have been accurate. October has been the strongest month of the year, rising 74% of the time. Chart 2 reveals a potential double bottom in price and higher lows in momentum and in relative strength. The shares are likely to rise closer to $45 or higher by the end of the month.
Chart 1
This cycle points to a strong week.
Cycles Research Investments LLC
Chart 2
This technical picture is constructive.
Cycles Research Investments LLC
The weekly cycle for Textron turns up now. There have been six buy signals in the last year and five have been profitable. This cycle peaks late in the month. The stock has risen in October 60% of the time and 68% of the time in November.
Chart 4 shows that the daily technical readings are constructive. The stock is likely to climb closer to the low $50 area.
Chart 3
The Textron weekly cycle bottoms now.
Cycles Research Investments LLC
Chart 4
Momentum and relative strength point to higher prices.
Cycles Research Investments LLC