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Calfrac, which operates in drilling-heavy areas such as the Marcellus shale formation, gets close to a third of its revenue from its U.S. operations.

Nathan VanderKlippe/The Globe and Mail

Calfrac Well Services Ltd. declined from $38.65 to $20.22 (A-B) and then settled into a bullish technical pattern known as a "W" formation (dashed lines). The rally to $28.54 (C) signaled the breakout from this pattern and the start of a new up-leg. Calfrac pulled back to support (D) and now appears ready to resume the up-trend.

Technical indicators including the rising 40-week moving average (40wMA) and the MACD (Moving Average Convergence Divergence – lower panel) confirm the bullish status. Only a sustained decline below $24-24.50 would be negative.

Point & Figure measurements provide targets of $30 and $34. Higher targets are visible.

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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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About the Authors
Senior Technical Analyst at Phases & Cycles Inc.

Monica Rizk, Senior Technical Analyst, has a Bachelor's degree in Business Administration and completed the Canadian Securities Institute course. She has been with Phases & Cycles since September 2000 and specializes in the research of Canadian and US stocks using Point & Figure as well as bar chart analysis. More

President of Phases & Cycles Inc.

Ron Meisels, President, Phases & Cycles Inc., has been active as an Analyst since 1971. He was Vice President and Director of Technical Research of Nesbitt Thomson (now BMO Nesbitt Burns) from 1982 to 1990. He was ranked among the top three technical analysts by Canadian Institutions for six consecutive years (Brendan Wood Survey). More


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