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Stantec Inc. rallied from about $14 in 2012 to $38 in 2014 (not shown) above its rising 40-week Moving Average (40wMA). Subsequently, it settled in a huge multiyear trading range mostly between $29 and $37 (dashed lines). The stock had a major breakout from this trading range at the beginning of this year and reached a high of $42.31 (A) but with the recent market weakness, the stock gave back all these gains as it fell to ±$31 (B).

However, Stantec found support near its rising 40wMA and appears to be resuming the up-trend (C). Only a decline below $32-33 would cancel the current up-side potential.

Point & Figure measurements provide targets of $46 and $49. 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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