Bedding and furniture producer Leggett & Platt (LEG) continues to climb within the Green Favored Zone of the SIA S&P 500 Index Report, moving up 11 spots yesterday to 40th place.
Since bottoming out in March, Leggett & Platt shares have been under accumulation, steadily advancing in a rising channel of higher highs and higher lows. This bullish trend recently received positive confirmation from a Golden Cross of the 50-day average back above the 200-day average, and a breakout that filled in an old gap.
Next potential upside resistance appears at previous highs and lows near $47.50 and $53.50 with the $50.00 round number in between them. Initial support appears between $40.00 and $42.00.
Back in July, Leggett & Platt (LEG) snapped a downtrend line and completed a bullish Spread Double Top, signaling the start of a new advance. The shares have remained under accumulation since then, breaking through previous highs near $43.65 this week.
Next potential upside resistance appears in the $48.20 to $49.20 range where previous column highs and a horizontal count converge just below the $50.00 round number, then the previous peak near $54.30. Initial support appears near $40.35 based on a 3-box reversal.
With its bullish SMAX score increasing to a perfect 10, LEG is exhibiting near-term strength across the asset classes.
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