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ALLEN FREDRICKSON/REUTERS

Since 2007, MasTec Inc. has traded within a large wedge formation consisting of lower highs and higher lows (dashed lines). The stock rallied to a high of $18.17 (U.S.) recently, to confirm the breakout from this pattern and the start of a new up-leg.

Technical indicators including the rising 40-week moving average and the MACD (lower panel) confirm the bullish status. The current return toward the 40wMA should provide a good entry point (B). Only a decline below $16-$17 would be negative.

Point & Figure measurements provide an initial target of $24. The large wedge formation (dashed lines) supports significantly higher targets.

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Ron Meisels is a contributor to the www.NA-marketletter.com web site. Monica Rizk is the senior Technical Analyst for Phases & Cycles Inc. They may hold shares in companies profiled. Please see the site for a glossary.

Chart source: www.decisionplus.com

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About the Authors
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

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

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