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On Sept. 18, 2021 ($10.03), we reported a potential breakout and suggested that a rise above $10-$10.50 would support targets of $11.50 and $12.50.

Subsequently, ARC Resources Ltd. ARX-T rallied to a high of $13.34 in November for a gain of 33 per cent at that time (A). At this point ARX became overbought and started a correction to its 40-week Moving Average (40wMA) where it found good support near $10 (B). The stock has since resumed the uptrend.

Behaviour indicators including the rising 40wMA and the rising trend-line (solid line) confirm the bullish status. Only a sustained decline below $11.50 would be negative.

Point & Figure measurements provide targets of $15.50 and $16.50. 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

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