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Our initial report (Oct. 27, 2018 – $20.98) identified a large trading range (dashed lines) and provided a target of $25.

In November 2018, Gibson Energy Inc. (Friday’s close $27.16) had a breakout and rose to a high of $23.32 (A), then, after a quick correction toward the 40-week Moving Average (40wMA – B), Gibson resumed the up-trend (C).

On July 27, 2019 ($23.60), we suggested that a move above ±$24 would signal the beginning of the next up-leg. In late 2019, the stock had a bullish gap up (not shown) and reached a high of $27.80 recently (D) to confirm the start of a new up-leg toward higher targets.

A minor correction may occur toward $25-26, but only a sustained decline below ±$24 would be negative.

Point & Figure measurements provide targets of $29 and $32. Higher targets are visible.

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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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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 4:00pm EST.

SymbolName% changeLast
GEI-T
Gibson Energy Inc
+1.16%22.65

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