Skip to main content

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. (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.

Story continues below advertisement

Report an error Editorial code of conduct
As of December 20, 2017, we have temporarily removed commenting from our articles. We hope to have this resolved by the end of January 2018. Thank you for your patience. If you are looking to give feedback on our new site, please send it along to feedback@globeandmail.com. If you want to write a letter to the editor, please forward to letters@globeandmail.com.