Emera Inc. (Friday’s close $58.04) rallied from $38.09 in October, 2018, to $60.94 in January, 2020 (A-B), and, after a brief dip in March, 2020 (C), settled in a horizontal trading range mostly between $51 and $57 for about one year (dashed lines). The subsequent rise above this range signalled a breakout and the start of a new uptrend toward higher targets (D).
Behaviour indicators including the rising 40-week Moving Average (40wMA) and the rising trend-line (solid line) confirm the bullish status. There is good support near $57.00-$57.50; only a sustained decline below $56 would be negative.
Point & Figure measurements provide targets of $69 and $74. Higher targets are visible.
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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