From the high of $52.20, Rogers Communications Inc. declined to $25.40 (A-B), settled in a trading range between $27 and $33 (dotted lines), rallied above a falling trendline (dashed line) and above the trading range and then settled into another trading range between $34 and $39 (C-D; dotted lines). Recent price action (D) suggests the start of a new up-leg and a sustained rise above $40-41 would confirm the breakout. Only a decline below about $37.50 would be negative. A sustained rise above $40-$41 would signal Point & Figure targets of $44 and $49.
Monica Rizk is the senior technical analyst for Phases & Cycles Inc. Ron Meisels is a contributor to the www.NA-marketletter.com website. They may hold shares in companies profiled. Please see the site for a glossary.
Chart source: www.decisionplus.comReport Typo/Error