We reported a breakout and the start of an uptrend on June 4, 2021 ($53.94) and suggested targets of $64 and $69. We confirmed our bullish outlook on March 18, 2022 ($69.03) and provided a target of $74.
Dollarama fulfilled our targets as it reached a high of $76.80 in April (A), had a minor correction to the 40-week Moving Average (40wMA – B) and more recently it resumed the uptrend (C) towards higher targets.
Behaviour indicators including the rising 40wMA and the rising trendline (solid line) confirm the bullish status. There is good support near $71-72 and then again near the 40wMA (currently at $68); only a sustained decline below this level would be negative.
Point & Figure measurements provide targets of $84 and $89. Higher targets are visible.
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Monica Rizk is the Senior Technical Analyst ofthe Phases & Cycles publication (www.capitalightresearch.com). Chart source: www.decisionplus.com
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