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A Canadian Tire store is seen in North Vancouver, B.C.

JONATHAN HAYWARD/THE CANADIAN PRESS

Bullish on Canadian Tire

In our previous report (Jan. 14, 2012 – $63.65) on Canadian Tire 'A' (Friday's close $69.57) we identified a bullish V-extended base (dashed lines) and a corrective descending channel (dotted lines). Subsequently, the stock rallied to $66.85 (A) and then stayed in a trading range between $62 and $67 (solid lines). Canadian Tire 'A' had a breakout above this range when it reached a high of $71.55 (B) to signal the start of a new up-leg. Only a decline below ±$65 would be negative.

Point & Figure measurements provide targets of $79 and $84.

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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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