Algonquin Power & Utilities Corp. (Friday’s close $14.90) rose from $8.59 in mid-2015 to $14.35 in mid-2017 (A-B) and then stayed in a horizontal trading range mostly between $12.25 and $14.40 for a year and a half (dashed lines).
The recent move above the top of the range suggests a breakout (C); a sustained rise above ±$15.00 would confirm it and signal the start of a new up-leg toward higher targets.
Behaviour indicators including the rising 40wMA and the rising trend-line (solid line) confirm the bullish potential. There is good support near ±$14; only a sustained decline below ±$13.50 would be negative.
Point & Figure measurements provide targets of $16 and $18. Higher targets are visible.
Monica Rizk is the senior Technical Analyst and Ron Meisels is the president of Phases & Cycles Inc. (www.phases-cycles.com). And he tweets at @Ronsbriefs. They may hold shares in companies profiled.
Chart source: www.decisionplus.com