Rogers Communications Inc. stayed between $27 and $33 for most of 2009 (dotted lines), rallied to $41.64 (A) and then settled in a large trading range between $34 and $40 (dashed lines).
Recent price action (B) suggests the stock could be on the verge of a breakout from this large area of accumulation. A sustained rise above about $41 would signal this and higher targets. Only a decline below $37 to 37.50 would suggest additional base building is required.
A rise above about $41 would signal Point & Figure targets of $44 and $49. 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.
Chart source: www.decisionplus.com
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