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Trican Well Service employees walk towards liquid nitrogen storage tanks at a hydraulic fracturing operation near Bowden, Alta., Tuesday, Feb. 14, 2012. (Jeff McIntosh For The Globe and Mail)
Trican Well Service employees walk towards liquid nitrogen storage tanks at a hydraulic fracturing operation near Bowden, Alta., Tuesday, Feb. 14, 2012. (Jeff McIntosh For The Globe and Mail)

What the Charts Say

Bullish on Trican Well Service Ltd. Add to ...

Trican Well Service Ltd. traded below a falling trend-line for about one year (dashed line) and then settled in a bullish technical pattern known as a “W” formation in 2012 (dotted lines). Recent price action above $14 to 14.50 (C) confirmed the breakout from the “W” pattern and confirmed higher targets. Only a decline below its 40-week moving average (40wMA – currently at around $12.50) would be negative.

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Point & Figure measurements provide targets of $15.50 and $17. The “W” formation 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.

Follow us on Twitter: @Monicarizk1, @RonsBriefs

 
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