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Fuel taxes are too high, the American motorist moans, even though taxes in the United States are among the lowest in the world.

Luke MacGregor/Reuters/Luke MacGregor/Reuters

Parkland Fuel Corp. declined from $17.90 in September, 2007, to $5.20 in November, 2008 (A-B), had a recovery rally to $13.64 (C) and then settled in a horizontal trading range mostly between $9.50 and $12.75 (dashed lines). This price action produced a bullish technical pattern known as a V-Extended. The stock recently rallied above this trading range to confirm the breakout and the start of a new up-leg (D). Only a decline below the 40-week moving average (currently at about $12) would be negative. Point & Figure measurements provide targets of $16 and $18. The large V-Extended pattern supports higher targets.

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

Chart source: www.decisionplus.com

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Infographic: Bullish on Parkland Fuel

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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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