Enerplus ERF-T (Thursday’s close $17.01) declined from $18.04 in August, 2018, to $1.62 in April, 2020 (A-B) below a falling trendline (dotted line) and below the falling 40-week moving average (40wMA). It settled in a horizontal trading range mostly between $2 and $5 for about one year (dashed lines) and then started a new up-trend above a rising trendline (solid line) and above the rising 40wMA.
Enerplus reached a high of $18.74 in March (C) and then stayed in a corrective trading range for about three months (shaded area). It had a breakout from this range recently to signal the continuation of the uptrend (D). Current levels provide a good entry level. Only a sustained decline below $15 would be negative.
Point & Figure measurements provide targets of $21 and $24. Higher targets are visible.
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