Skip to main content

TC Energy (Friday’s close $68.61) traded above a rising trend-line from late 2015 to early 2017 (dotted line) but then encountered resistance at $64-65 during the rest of 2017 (shaded area). The stock declined to $50.28 (A) and then built a bullish technical pattern known as a “W” formation (dashed lines). The recent rise above $60 (B) signalled the breakout from this pattern and the start of a new up-trend.

Behaviour indicators including the rising 40-week Moving Average (40wMA) confirm the bullish potential. There is good support near ±$63; only a sustained decline below the 40wMA (currently near ±$61) would be negative.

Point & Figure measurements provide a target of $74. The large “W” formation (dashed lines) supports higher targets.

Story continues below advertisement

rb-gi-meisels-0921

stock

Chart source: www.decisionplus.com

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.

Report an error Editorial code of conduct
Tickers mentioned in this story
Unchecking box will stop auto data updates
Due to technical reasons, we have temporarily removed commenting from our articles. We hope to have this fixed soon. Thank you for your patience. If you are looking to give feedback on our new site, please send it along to feedback@globeandmail.com. If you want to write a letter to the editor, please forward to letters@globeandmail.com.

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff.

We aim to create a safe and valuable space for discussion and debate. That means:

  • Treat others as you wish to be treated
  • Criticize ideas, not people
  • Stay on topic
  • Avoid the use of toxic and offensive language
  • Flag bad behaviour

Comments that violate our community guidelines will be removed.

Read our community guidelines here

Discussion loading ...

Cannabis pro newsletter