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Boralex declined from $18.79 to $5.06 in 2008 (A-B) followed by a recovery rally to $10.74 in 2010 (C). This was followed by a trading range between $7.50 and $9.50 (left shoulder), another between $6 and $7.50 (head) and then a higher range between $7.50 and $9.50 (right shoulder). This produced a bullish technical pattern known as an inverse head-and-shoulder formation. The recent rise above $9.50 signalled a breakout (D). Only a decline below its 40wMA (currently at about $8.50) would be negative.

Point & Figure measurements provide targets of $11 and $13. Higher targets are visible.

Monica Rizk is the senior technical analyst for Phases & Cycles Inc. ( Ron Meisels is a contributor to the website and Tweets at @Ronsbriefs. They may hold shares in companies profiled. Please see the site for a glossary.

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