stock
Topaz Energy (TPZ-T, Wednesday’s close $25.99) rallied from $13.05 in October, 2020 to $24.80 in May, 2022 (A-B) above a rising trendline (solid line). After a failed attempt to exceed this high in November of the same year (C), the stock fell below the rising trendline and remained in a downtrend for about one year (dashed line). However, the stock found good support near $18.00-18.50 (shaded area). Earlier this year, Topaz Energy rallied above the falling trendline to signal the start of a new up-leg (D).
Behaviour indicators including the rising 40-week Moving Average (40wMA) confirm the bullish status. A minor correction toward $23-24 would provide a better entry level. Only a sustained decline below $22-23 would be negative.
Point & Figure measurements provide targets of $27 and $31. Higher targets are visible.
Monica Rizk is the Senior Technical Analyst of the Phases & Cycles publication (www.capitalightresearch.com). Chart source: www.decisionplus.com