Canadian National Railway CNR-T rallied from $92.01 in 2020 to $171.48 in 2022 (A-B) and then settled in a trading range mostly between $140 and $172 (dashed lines). Earlier this year, the stock rallied above the top of this range (C), had a minor correction to the rising 40-week Moving Average (40wMA) where it found good support (D), and now appears ready to resume the uptrend. A sustained rise above $177-180 would confirm it.
Behaviour indicators including the rising 40wMA confirm the bullish status. There is good support near $165; only a sustained decline below this level would be negative.
Point & Figure measurements provide targets of $195 and $210. The large trading range (dashed lines) supports higher targets.
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Monica Rizk is the Senior Technical Analyst of the Phases & Cycles publication (www.capitalightresearch.com). Chart source: www.decisionplus.com