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A Canadian Tire store is shown in Levis, Que., Monday, May 9, 2011.

Jacques Boissinot/The Canadian Press/Jacques Boissinot/The Canadian Press

Having topped out at $68.93 (A) during late 2010, Canadian Tire began to trade in a descending channel (dotted lines) till it found support near its 2010 lows (lower dashed line – B). A quick reversal occurred at that point, which eventually brought Canadian Tire above its downtrend channel. The stock now appears ready to resume the long-term up-trend toward higher targets (C). Only a decline below about $60 would reverse the positive status of this stock.

Point & Figure measurements provide targets of $74 and $79. Higher targets are visible.

Monica Rizk is the senior technical analyst for Phases & Cycles Inc. ( Ron Meisels is a contributor to the website. 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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