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Arc Resources Ltd. rallied from $11.41 in 2009 to $28.67 in 2011 (Leg 1), declined to $18.37 in 2012 (Leg 2) and recently reached a high of $28.90 (A) as part of Leg 3.

Technical indicators including the rising 40-week moving average (40wMA) and the moving average convergence divergence (MACD, lower panel) confirm the bullish status. Only a decline below $25 to $25.50 would reverse the long-term upside potential.

Point & Figure measurements provide targets of $30 and $34 (5 per cent and 19 per cent appreciation potentials from current levels). Higher targets are visible.

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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.

Chart source: http://www.decisionplus.com/en/home/default.asp

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