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From a 2008 high of $79.86, Plains Exploration & Production Co. declined to $16.91 (A-B), then settled into a horizontal trading range between $16 and $32.50, followed by a higher range between $20 and $40 (dashed lines). This price action produced a bullish technical pattern known as a Duplex Horizontal. The recent rise to $46.71 (C) signalled the breakout from this formation and the start of a new up-leg. Only a decline below $35-$36 would be negative.

Point & Figure measurements provide an initial target of $54. The large Duplex Horizontal (dashed lines) supports higher targets.

Monica Rizk is the senior technical analyst for Phases & Cycles Inc. ( Ron Meisels is a contributor to the website. 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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