We reported the start of an uptrend and higher targets of $33 and $35 on May 15, 2020 ($28.35). Boralex (Friday’s close $43.72) reached a high of $56.70 in January, 2021, for a 100-per-cent gain since our first report (A). The stock became quite extended and was significantly far above its 40-week moving average (40wMA) at that time. Consequently, Boralex started a correction and stayed below $41 to $42 for about one year (shaded area). The recent rise to $44.50 signalled the end of the correction and the start of a new up-trend (B).
There is good support near $39 to $40; only a sustained decline below the 40wMA (currently near $37.50) would be negative. Point & Figure measurements provide targets of $46 and $49. Higher targets are visible.
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Monica Rizk is the senior technical analyst of the Phases & Cycles publication (www.capitalightresearch.com). Chart source: www.decisionplus.com
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Monica Rizk