Shaw Communications Inc. was in an up-trend for about two years above a rising trend-line (dashed line) and above its rising 40-week moving average (40wMA). It then started a deep correction toward ±$23, where it found support (shaded area).
The recent price action above the falling trend-line (dotted) and above the 40wMA signalled the resumption of the up-trend (A).
Behaviour indicators including the rising 40wMA and the rising trend-line (solid) confirm the bullish status. Only a decline below ±$26.50 would be negative.
Point & Figure measurements provide targets of $32 and $34.
Monica Rizk is the senior Technical Analyst and Ron Meisels is the president of Phases & Cycles Inc. (www.phases-cycles.com). And he tweets at @Ronsbriefs. They may hold shares in companies profiled.
Chart source: www.decisionplus.com