We suggested higher targets of $54 and $59 for Alimentation Couche-Tard Inc. (ATD-T) (Wednesday’s close $73.34) on Sept. 10, 2021 ($48.85), and targets of $64 and $69 on Sept. 9, 2022 ($59.42). The stock fulfilled the latest targets in April (A) and then ran into resistance at $69 for about five months (dotted line). The recent move above this level (B) signalled a breakout and the resumption of the long-term uptrend (solid line).
Behaviour indicators including the rising 40-week Moving Average (40wMA) and the rising trend line confirm the bullish status. There is good support near $66-$67; only a sustained decline below this would be negative.
Point & Figure measurements provide targets of $79 and $89. Higher targets are visible.
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Monica Rizk is the senior technical analyst of the Phases & Cycles publication (www.capitalightresearch.com). Chart source: www.decisionplus.com.
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