On Sept. 17, 2021 ($10.03) we reported a potential breakout and suggested that a rise above $10.00 would signal targets of $11.50 and $12.50. ARC Resources ARX-T (Friday’s close $18.00) reached $13.34 in November (A), had a minor correction to the end of the year (B) and on January 21, 2022 ($13.03) we proposed higher targets of $15.50 and $16.50. The stock had a sharp rise to $22.88 in June of this year for a 128-per-cent gain since our first report (C).
ARC Resources recently corrected toward its 40-week Moving Average (40wMA) and the rising trendline (solid line – D) and appears ready to resume the uptrend; a sustained rise above $18.00-18.50 would confirm it.
There is good support near $14-15; only a sustained decline below this level would be negative.
Point & Figure measurements provide targets of $23 and $25. Higher targets are visible.
stock
Monica Rizk is the Senior Technical Analyst of the Phases & Cycles publication (www.capitalightresearch.com). Chart source: www.decisionplus.com
Be smart with your money. Get the latest investing insights delivered right to your inbox three times a week, with the Globe Investor newsletter. Sign up today.