In our previous report on Stantec Inc. (March 31, 2012, $31.80) we described a bullish “W” pattern (solid lines) and a large trading range (dashed lines). Subsequent to our report, Stantec rallied to $32.64 (A), found support near $27 (B) and now has reached a four-year high of $38.06 (C). This rise confirmed the resumption of the long-term uptrend toward higher targets. Only a sustained decline below $31-$32 would be negative. Point & Figure measurements provide a target of $44. The large area of accumulation (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.Report Typo/Error