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what the charts say

In our previous report on Emera Inc. we reported a breakout from a large "W" formation (dashed lines). Soon thereafter, Emera rallied to a high of $43.62 in February for a 17-per-cent appreciation at that time (A). Subsequently, Emera pulled back to its rising 40-week Moving Average (40wMA) where it found support (B). Recent price action (C) signals renewed investor interest and the resumption of the up-trend. Current prices should provide a good entry point. Only a decline below $40.50-$41 would be negative. Point & Figure measurements provide targets of $49 and $54. Higher targets are visible.

Monica Rizk is the senior technical analyst and Ron Meisels is the president of Phases & Cycles Inc. and he tweets at @Ronsbriefs. They may hold shares in companies profiled.

Chart source: http://www.decisionplus.com/.