To honour the eighth anniversary of our Technical Analysis column in the Globe and Mail, we revisit our first report, Boardwalk Equities (now Boardwalk REIT ), which was published on Sep. 24, 2002 ($14.70) and which rallied to $50.95 in March 2007 for a 247-per-cent appreciation at that time (A). Subsequently, the stock began to decline below its 40-week moving average (40wMA) (B), to reach a bear market low of $19.76 in 2008 (C). A new upleg started there, which brought Boardwalk REIT to the recent high of $44.99 (D).
Point & Figure measurements provide a target of $50 (a 13-per-cent appreciation potential from current levels). There are no higher targets visible at this time, but only a decline below $40-$41 would be negative.
Ron Meisels is a contributor to the www.NA-marketletter.com website. Monica Rizk is the senior Technical Analyst for Phases & Cycles Inc. They may hold shares in companies profiled. Please see the site for a glossary.