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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. ( And he tweets at @Ronsbriefs. They may hold shares in companies profiled.

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