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TC Energy Corp. TRP-T (Wednesday’s close $55.74) declined from $74.44 in June, 2022 to $43.70 in July, 2023 (A-B) below a falling trendline (dotted line) and below the falling 40w-week Moving Average (40wMA). It then settled in a trading range mostly between $45 and $51 followed by another range between $49 and $55 (dashed lines). This two-part base produced a bullish technical pattern known as Duplex Horizontal. The recent rise above the top signalled a breakout and the start of a new up-leg (C).
Behaviour indicators including the rising 40wMA and the rising trendline (solid line) confirm the bullish status. Only a sustained decline below $59-60 would be negative.
Point & Figure measurements provide targets of $69 and $74.
Monica Rizk is the Senior Technical Analyst of the Phases & Cycles publication (www.capitalightresearch.com). Chart source: www.decisionplus.com