Our initial report (October 27, 2018 - $20.98) identified a large trading range (dashed lines) and suggested that a rise above $20.50-21.00 would signal a breakout.
Gibson Energy Inc. (Friday’s close $xx.xx) had a breakout and rose to a high of $23.32 in November, 2018 (A). Then, after a quick correction toward the 40-week Moving Average (40wMA – B), it resumed the up-trend (C). A sustained move above ±$24 will signal the beginning of the next up-leg.
Behaviour indicators including the rising 40wMA and the rising trend-line (solid line) confirm the bullish status. Only a decline below ±$22 would be negative.
Point & Figure measurements provide targets of $27 and $29. The large trading range (dashed lines) supports significantly higher targets.
rb-gi-meisels-0727stock
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