Go to the Globe and Mail homepage

Jump to main navigationJump to main content

(NATHAN DENETTE)
(NATHAN DENETTE)

What The Charts Say

Bullish on IGM Financial Add to ...



The decline in shares of IGM Financial Inc. from $54.95 in November, 2007 (A) to $24.20 in February, 2009 (B), was followed by a sharp rise to $45.43 in August, 2009 (C), and a horizontal trading range mostly between $37 and $45. This price action produced a bullish technical pattern known as a V-Extended formation (dashed lines). The recent rise to $49.42 (D) signalled the breakout and the start of a new major up-leg. Only a decline below the 40-week moving average (about $43) would reverse the positive status of this stock.

More technical analysis

Point & Figure measurements provide targets of $54 and $59.







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.

Chart source: www.decisionplus.com

 

In the know

Most popular videos »

Highlights

More from The Globe and Mail

Most popular