GREY:CLLZF - Post by User
Post by
jerridon Jul 27, 2008 2:36am
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Post# 15333140
Bullish on Connacher............
Bullish on Connacher............https://www.theglobeandmail.com/servlet/story/LAC.20080726.MKMEISELS26/TPStory/Business
WHAT THE CHARTS SAY
RON MEISELS AND MONICA RIZK
July 26, 2008
BULLISH ON CONNACHER
Followinga sharp rise from $0.68 to $6.07 (A-B), Connacher Oil and Gas Ltd.,(yesterday's close $4.17), settled into a large area of accumulationbetween $3.00 and $4.50 (see dashed lines). The stock pierced abovethis trading range recently to signal the start of a new major up-legtoward higher targets (C). The recent pullback to the 40-week movingaverage should provide a good buying opportunity. Only a sustaineddecline below $3.75 would reverse the positive long-term status of thisstock.
Point & Figure measurements provide initial targets of $6 and $7(44-per-cent and 68-per-cent appreciation potentials from currentlevels). Higher targets are visible.
Ron Meisels is a contributor to the https://www.NA-marketletter.comweb site. Monica Rizk is the senior technical analyst for Phases &Cycles Inc. They may hold shares in companies profiled. Please see thesite for a glossary.