Telus Corporation (Friday’s close $48.80) rallied from $35.51 in January, 2016, to $48.94 in December, 2017, (A-B) and then remained in a horizontal trading range in 2018 mostly between $44 and $49 (dotted lines). The recent rise above the top of this range signalled a breakout and the start of a new up-trend (C).
Behaviour indicators including the rising 40-week Moving Average (40wMA) and the rising trend-line (solid line) confirm the bullish potential. Telus is currently trading near support, which is at ±$48; only a sustained decline below $47-47.50 would be negative.
Point & Figure measurements provide targets of $54 and $59. The large trading range (dotted lines) supports higher targets.
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