Following our publication in September, 2012 ($40.41), Rogers Communications Inc. had a sharp rise to $52.75 for a 31-per-cent appreciation in seven months (A). Subsequently, the stock declined to support near $41 (B), had a recovery rally to $48.64 (C) and then settled in a horizontal trading range mostly between $41 and $47.50 (dashed lines). A sustained rise above $48 to $48.50 would signal renewed investor interest and the start of a new up-leg toward higher targets. Only a decline below $43.50 to $44 would be negative. A rise above $47.50 to $48 would signal Point & Figure targets of $52 and $59.
Monica Rizk is the senior technical analyst and Ron Meisels is the president of Phases & Cycles Inc. and he tweets at @Ronsbriefs. They may hold shares in companies profiled.
Chart source: http://www.decisionplus.com/.