Canadian National Railway (Friday’s close $135.90) has been in a major up-trend since 2016 (solid line). We reported higher targets on a couple of occasions throughout these years. Our most recent report (December 1, 2018 - $114.16) provided targets of $125 and $135. The first target was reached in early-2019 (A) and the second is on the verge of being reached.
Since early 2019, CNR traded mostly between $115 and $125 for about one year, dipped temporarily below the rising trend-line (B) and now resumed the up-trend toward higher targets (C).
There is good support near $118-119; only a sustained decline below this level would be negative.
Point & Figure measurements provide targets of $140 and $160. Higher targets are visible.
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Monica Rizk is the senior Technical Analyst and Ron Meisels is the president of Phases & Cycles Inc. (www.phases-cycles.com). And he tweets at @Ronsbriefs. They may hold shares in companies profiled.
Chart source: www.decisionplus.com
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