Skip to main content

Ballard Power Systems (Friday’s close $24.69) built a multiyear base mostly between $7 and $4 from about 2005 (not shown) to 2019 (dashed lines). The stock broke out from this range in late-2019 and reached a recent high of $29.20 (A). At this point, the stock became extremely overbought and was far above its rising 40-week Moving Average (40wMA). A much-needed pullback ensued and found support near ±$18 to date (shaded area).

There is additional strong support at the intersection of the rising trend-line (solid line) and the 40wMA (currently near ±$17). Only a sustained decline below this level would be negative.

A sustained move above $23.00-23.50 would suggest the resumption of the up-trend toward higher targets.

Point & Figure measurements provide targets of $29 and $31. Significantly 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.

Chart source:

Be smart with your money. Get the latest investing insights delivered right to your inbox three times a week, with the Globe Investor newsletter. Sign up today.

Report an error

Editorial code of conduct

Tickers mentioned in this story