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We reported a breakout from a large multiyear trading range and targets of $46 and $49 on April 25, 2020 ($40.29), and provided a target of $54 on Feb. 26, 2021 ($50.07). Stantec rose to a recent high of $59.55 to fulfill and exceed our targets (A).

Although behaviour indicators including the rising 40-week Moving Average (40wMA) and the rising trend-line confirm the bullish status, Stantec (Friday’s close $xx.xx) remains extended and far above its 40wMA. There is good support near $48-$49, a level that may provide an attractive re-entry level.

The large multiyear trading range (dashed lines) supports significantly higher targets after the completion of the correction.

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The Globe and Mail

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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