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(Jeff McIntosh/The Canadian Press)
(Jeff McIntosh/The Canadian Press)

What the Charts Say

Bullish on Canadian Pacific Add to ...

Canadian Pacific Railway Ltd. rallied from $32.36 to $69.48 (A-B), declined to $46.01 (C) and then rallied again to $79.29 (D). The stock then settled in a trading range between $72 and $78 (dotted lines); this price action neutralized the overbought condition and allowed the 40-week moving average to catch up to the price (E). The subsequent rally to $85.60 (F) signalled the breakout from the trading range and the resumption of the long-term rising trend. Only a decline below about $75 would be negative. Point & Figure measurements provide targets of $99 and $109. Higher targets are visible.

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Monica Rizk is the senior technical analyst for Phases & Cycles Inc. (www.phases-cycles.com). Ron Meisels is a contributor to the www.NA-marketletter.com website and Tweets at @Ronsbriefs. They may hold shares in companies profiled. Please see the site for a glossary.

Chart source: www.decisionplus.com

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