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(Tim Fraser For The Globe and Mail)
(Tim Fraser For The Globe and Mail)

What the Charts Say

Bullish on Maple Leaf Foods Add to ...

Maple Leaf Foods Inc. traded in a large horizontal trading range mostly between $10.25 and $13 for more than two years (dashed lines). The rise to $14.15 (A) signalled the breakout from this large area of accumulation and the start of a new major up-leg. A minor pullback toward its 40-week moving average (40wMA) ensued (B) and then a higher high to confirm the new up-trend (C). Another minor pullback may occur, but only a decline below $12.50-$13 would reverse the long-term positive status of this stock.

Point & Figure measurements provide a target of $17. Higher targets are visible.

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.

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