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Canyon Services Group traded in a large rising triangle formation made up of equal highs and higher lows for the past two years (dashed lines). The stock recently rallied above $13 to signal a breakout from the triangle and the start of a new up-leg (A). At the same time, the stock is currently over-bought and a pullback toward about $12.50 would provide a better entry point. Only a decline below about $12 would be negative.

Point & Figure measurements provide an initial target of $16 (a 14-per-cent appreciation potential from current levels). The large triangle pattern (dashed lines) supports higher targets.

Monica Rizk is the senior technical analyst for Phases & Cycles Inc. ( Ron Meisels is a contributor to the website and Tweets at @Ronsbriefs. They may hold shares in companies profiled. Please see the site for a glossary.

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