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Trican Well Service employees walk towards liquid nitrogen storage tanks at a hydraulic fracturing operation near Bowden, Alta., Tuesday, Feb. 14, 2012.

Jeff McIntosh/The Globe and Mail

Trican Well Service Ltd. traded below a falling trend-line for about one year (dashed line) and then settled in a bullish technical pattern known as a "W" formation in 2012 (dotted lines). Recent price action above $14 to 14.50 (C) confirmed the breakout from the "W" pattern and confirmed higher targets. Only a decline below its 40-week moving average (40wMA – currently at around $12.50) would be negative.

Point & Figure measurements provide targets of $15.50 and $17. The "W" formation supports higher targets.

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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