Alimentation Couche-Tard Inc. had a rising zigzag pattern since mid-2009. It rallied to $22.24 (A), declined to $17.25 (B), rose to $27.63 (C), pulled back to support at its 40-week moving average (D) and then rose to $30.76 (E). The stock then settled into a flag pattern made up of lower highs and lower lows (dashed lines). A move above this formation would signal the resumption of the up-trend. Only a decline below about $27 would be negative.
Point & Figure measurements provide targets of $32 and $39. These are the final targets at this time.
Monica Rizk is the senior technical analyst for Phases & Cycles Inc. Ron Meisels is a contributor to the www.NA-marketletter.com website. They may hold shares in companies profiled. Please see the site for a glossary.
Chart source: www.decisionplus.com