Cato Corp: share moves to a new price range
The share is in a steady uptrend on the monthly chart. Prices were flat amid high volatility from 2011 through 2013, which predetermined reverse to the downside. However, the price broke through the upper boundary of the $32 flat a year ago, but it could not resist and the breakdown was false. The price not only returned to the upper limit of the range in fall of 2014, but was consolidating above the $34 level for a long time. As a result, continuing upward movement pattern shaped up three weeks ago through the exit of the market up to the $40 level. It is expected that price will stop to move upwards after three weeks and correction phase will begin. We should keep in mind that the market received a strong signal for growth and correction to the upper limit of the range will be used for purchases in order to continue growth.
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