Innergex Renewable Energy (Friday’s close $25.73) traded in a horizontal trading range mostly between $12 and $16 from 2016 to mid-2019 (dashed lines). The stock had a major breakout from this large base in late-2019 and reached a high of $22.28 (A). After a brief dip below its 40-week Moving Average (40wMA) last March (B), the stock quickly resumed the up-trend and reached a new all-time high of $27.04 recently (C) to confirm the bullish trend.
Behaviour indicators including the rising 40wMA and the rising trend-line (solid line) confirm the bullish status. There is good support near ±$23; only a sustained decline below ±$22 would be negative.
Point & Figure measurements provide targets of $28 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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