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Paramount Resources (Wednesday’s close $32.72, POU-T) rallied from $1.96 in October 2020 to $40.73 in June 2022 (A-B) above the rising 40-week Moving Average (40wMA). The stock then settled in a large corrective wedge pattern made up of higher lows and resistance near $33 (dotted lines). A sustained rise above $34-35 would signal a breakout from the wedge and the start of a new uptrend toward higher targets.

Behaviour indicators including the rising 40wMA confirm the bullish status. There is good support at the average (currently near $30); only a sustained decline below this level would be negative.

A rise above $34-35 would signal Point & Figure targets of $39 and $43. Potentially higher targets are visible.

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Monica Rizk is the Senior Technical Analyst of the Phases & Cycles publication (www.capitalightresearch.com). 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 20/11/24 4:00pm EST.

SymbolName% changeLast
POU-T
Paramount Resources Ltd
+1.02%30.85

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