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Gibson Energy (Friday’s close $20.98) declined from $37.77 in late 2014 to $11.46 in early 2016 (A-B). Subsequently, it settled in a large horizontal trading range mostly between $15 and $20 (dashed lines).

The recent rise above $20.50-21.00 signalled a breakout from this range, renewed investor interest and the start of a new up-leg (C).

Behaviour indicators including the rising 40-week Moving Average (40wMA) and the rising trend-line (solid line) confirm the bullish status. A minor correction toward $20-21 may occur, but only a sustained decline below $18.50-19.00 would be negative.

Point & Figure measurements provide an initial target of $25. The large trading range (dashed lines) supports higher targets.

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Monica Rizk is the senior Technical Analyst and Ron Meisels is the president of Phases & Cycles Inc. And he tweets at @Ronsbriefs. They may hold shares in companies profiled.

Chart source: www.decisionplus.com

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Tickers mentioned in this story

Study and track financial data on any traded entity: click to open the full quote page. Data updated as of 07/11/24 3:35pm EST.

SymbolName% changeLast
GEI-T
Gibson Energy Inc
+1.25%22.67

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