In our previous publication on Stantec Inc. (Nov. 10, 2012 - $37.14), we reported a major breakout from a large trading rage (dashed lines). Following our report, the stock had a sharp rise that culminated at $72.34 for a 95-per-cent appreciation at that time (A).
Stantec stayed in a corrective mode since December and found support at its 40-week moving average (40wMA - B). The recent rise above $68-$69 suggests the resumption of the long-term up-trend toward higher targets (C). Only a decline below $65-$66 would be negative.
Point & Figure measurements provide targets of $79 and $89. Higher targets are visible.
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.