TransCanada Corp. has been in an up-trend for the past several years (solid lines). It had a sharp rise recently to $63.86 (A) followed by a natural pullback to support (B). A sustained rise above $57-$58 would suggest the resumption of the up-trend.
Sentiment indicators including the 40-week moving average (40wMA) and the rising trend-lines (solid lines) confirm the bullish status. A minor pullback toward $53 may occur, but only a sustained decline below $51-$52 would be negative.
Point & Figure measurements provide targets of $64 and $69. Higher targets are visible.
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.
