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Consol Energy Inc. declined from $55.02 (U.S.) to $26.41 (A-B) and then settled in a horizontal trading range between $27 and $37 (dashed lines). In 2013, the stock settled in a wedge pattern for about four months (dotted lines).

Investor sentiment turned very bullish recently as buyers drove the price clear above the top of the wedge to signal the start of a new major up-leg (C). Only a sustained decline below $34-$35 would be negative.

Point & Figure measurements provide targets of $44 and $48. The large trading range (dashed lines) supports higher targets.

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

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