In our previous report on Husky Energy Inc. (March 3, 2018 – $17.03) we identified a breakout from a large trading range (dashed lines) and provided targets of $21 and $22.
Husky Energy (Friday’s close $22.68) rallied to $22.43 in August to fulfill both of our targets (A).
The stock has been trading in a narrow horizontal range mostly between $21 and $22.50 for the past couple of months (dotted lines). A sustained rise above ±$23 would suggest it is ready to resume the up-trend toward higher targets. Only a decline below ±$19 would be negative.
Point & Figure measurements provide targets of $24 and $27. 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