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what the charts say

Canadian Utilities declined from $44.27 to $29.49 below its falling 40-week moving average (40wMA). In early 2016, it rallied above its average to signal the start of a new up-trend (dashed line). After a minor correction to support near ±$35 (C), the stock resumed the up-trend (D). It is currently overbought and may revisit the $39-$40 area, but only a sustained decline below $37.50-$38.50 would be negative. Behaviour indicators including the rising 40wMA and the rising trend-line (solid line) confirm the bullish status. Point & Figure measurements provide targets of $44 and $49. Higher targets are visible.

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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