A technical look at the stock
rallied from US$44.93 in March 2020 to US$96.23 in May 2021 and then settled in a large horizontal trading range mostly between US$72 and US$88 . The recent rise above the top of this range signaled a breakout and the start of a new uptrend toward higher targets .
Behaviour indicators including the rising 40-week Moving Average and the rising trendline confirm the bullish status. MSC Industrial Direct is becoming overbought as it rises further above the 40wMA. A minor correction toward US$92-94 would provide a better entry. Only a sustained decline below US$89-90 would be negative.
Point & Figure measurements provide targets of US$110 and US$125. The large trading range supports higher targets.
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