CGI Inc. (Wednesday’s close $118.57) rallied from $67.23 in March, 2020, to $116.88 in September, 2021, (A-B) and then had a correction to support near $100 (C). It stayed in a horizontal trading range mostly between $100 and $113 for about nine months (dashed lines). The recent rise above the 2021 high suggests the start of a new leg toward higher targets (D); a sustained rise above $120 would confirm the breakout.
Behaviour indicators including the rising 40-week Moving Average (40wMA) and the rising trendline confirm the bullish status. There is good support near $110; only a sustained decline below this level would be negative.
Point & Figure measurements provide targets of $130 and $145. 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
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