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 thewww.NA-marketletter.comwebsite and Tweets at @Ronsbriefs. They may hold shares in companies profiled. Please see the site for a glossary.