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Maple Leaf Foods Hamilton wiener plant on February 17, 2011. (Peter Power/Peter Power/The Globe and Mail)
Maple Leaf Foods Hamilton wiener plant on February 17, 2011. (Peter Power/Peter Power/The Globe and Mail)

What the Charts Say

Bullish on Maple Leaf Foods Add to ...

In our previous publication (July 13, 2013 - $14.93) we reported that Maple Leaf Foods Inc. had broken out of a large trading range (dashed lines) and that the stock had higher targets. Subsequently, the stock rallied to $19.09 (A) for a 28-per-cent appreciation at that time. The stock is somewhat overbought at this time and may have a minor pullback but only a decline below $15.50-$16 would be negative.

Point & Figure measurements provide targets of $20 and $23 (15-per-cent and 32-per-cent appreciation potentials from current levels). The large trading range (dashed lines) supports higher targets.

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.

Follow us on Twitter: @Monicarizk1, @RonsBriefs

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