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Alimentation Couche-Tard Inc. (Friday’s close $80.56) rallied from $28.70 in July, 2014, to $69.48 in August, 2016 (A-B) and then settled in a horizontal trading range mostly between $59 and $69 (dashed lines). It declined below this range in early-2018 (C), but began a new up-trend soon thereafter (solid line – D).

Behaviour indicators including the rising 40wMA and the rising trend-line (solid line) confirm the bullish status. There is good support near $69-70 and only a sustained decline below $66-67 would be negative.

Point & Figure measurements provide targets of $84 and $89. The large trading range (dashed lines) supports potentially higher targets.

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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