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Tim Fraser/The Globe and Mail

Maple Leaf Foods Inc. traded in a large horizontal trading range mostly between $10.25 and $13 for more than two years (dashed lines). The rise to $14.15 (A) signalled the breakout from this large area of accumulation and the start of a new major up-leg. A minor pullback toward its 40-week moving average (40wMA) ensued (B) and then a higher high to confirm the new up-trend (C). Another minor pullback may occur, but only a decline below $12.50-$13 would reverse the long-term positive status of this stock.

Point & Figure measurements provide a target of $17. Higher targets are visible.

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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About the Authors
Senior Technical Analyst at Phases & Cycles Inc.

Monica Rizk, Senior Technical Analyst, has a Bachelor's degree in Business Administration and completed the Canadian Securities Institute course. She has been with Phases & Cycles since September 2000 and specializes in the research of Canadian and US stocks using Point & Figure as well as bar chart analysis. More

President of Phases & Cycles Inc.

Ron Meisels, President, Phases & Cycles Inc., has been active as an Analyst since 1971. He was Vice President and Director of Technical Research of Nesbitt Thomson (now BMO Nesbitt Burns) from 1982 to 1990. He was ranked among the top three technical analysts by Canadian Institutions for six consecutive years (Brendan Wood Survey). More

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