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what the charts say

In our previous report on Rogers Communications Inc. (October, 2015 – $46.34), we suggested that a rise above $48-$48.50 would signal the start of a new up-leg. Following our report, Rogers (Friday's close $47.97) started a sharp rise and reached a high of $54.56 for an 18-per-cent appreciation in one month (A). The stock has now completed a much needed pullback to its rising 40-week moving average (40wMA) to provide another buying opportunity (B). Behaviour indicators including the rising 40wMA and the rising trend-line (solid line) confirm the bullish status. Only a decline below $46-$47 would be negative. Point & Figure readings suggest targets of $59 and $63. Higher targets are also visible.

Monica Rizk is the senior technical analyst and Ron Meisels is the president of Phases & Cycles Inc. and he tweets at @Ronsbriefs. They may hold shares in companies profiled.

Chart source: www.decisionplus.com.