We reported a breakout and the start of an up-trend on June 5, 2021 ($53.94) and suggested targets of $64 and $69. Subsequently, Dollarama DOL-T (Friday’s close $69.03) rose to a high of $60.87 (A), pulled back to support near the 40-week Moving Average (40wMA) and the rising trend-line (solid line – B) and most recently resumed the up-trend to a new all-time high of $69.19 to fulfill our second target (C).
Behaviour indicators including the rising 40wMA and the rising trend-line confirm the bullish status. A minor correction toward $65 would provide another good entry level; only a sustained decline below $61 would be negative.
Point & Figure measurements provide a target of $74. Higher targets are visible.
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Monica Rizk is the senior Technical Analyst of Phases & Cycles Inc. (www.phases-cycles.com). Chart source: www.decisionplus.com
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