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Fuel taxes are too high, the American motorist moans, even though taxes in the United States are among the lowest in the world. (Luke MacGregor/Reuters/Luke MacGregor/Reuters)
Fuel taxes are too high, the American motorist moans, even though taxes in the United States are among the lowest in the world. (Luke MacGregor/Reuters/Luke MacGregor/Reuters)

What the Charts Say

Bullish on Parkland Fuel Add to ...

Parkland Fuel Corp. declined from $17.90 in September, 2007, to $5.20 in November, 2008 (A-B), had a recovery rally to $13.64 (C) and then settled in a horizontal trading range mostly between $9.50 and $12.75 (dashed lines). This price action produced a bullish technical pattern known as a V-Extended. The stock recently rallied above this trading range to confirm the breakout and the start of a new up-leg (D). Only a decline below the 40-week moving average (currently at about $12) would be negative. Point & Figure measurements provide targets of $16 and $18. The large V-Extended pattern supports higher targets.

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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

Infographic: Bullish on Parkland Fuel

Follow us on Twitter: @Monicarizk1, @RonsBriefs

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