In mid-2018, Parkland Fuel Corp. (Friday’s close $43.75) started a new major up-leg from a large trading range as it rose above ±$33 (dashed line). The stock had an extremely sharp move to $47.45, where it became tremendously overbought (A).
Parkland Fuel then pulled back temporarily below its rising 40-week Moving Average (40wMA) and found support near ±$33 (B). The recent price action of higher highs signals the resumption of the up-trend (solid line).
Behaviour indicators including the rising 40-week Moving Average (40wMA) and the rising trend-line (solid line) confirm the bullish potential. Only a sustained decline below $39-40 would be negative.
Point & Figure measurements provide targets of $49 and $54. The large trading range (dashed line) supports higher targets.
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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