Bullish on Alimentation Couche-Tard Inc.

Bullish on Alimentation Couche-Tard Inc.

In our previous report (Sept. 19, 2021 – $49.85) we identified the start of a new uptrend and provided targets of $54 and $59. Earlier this year, Alimentation Couche-Tard ATD-T +1.56%increase (Friday’s close $59.42) rose to a high of $59.60 to fulfill our targets (A).

The stock had a minor correction recently and found support near the 40-week Moving Average (40wMA) and the rising trend line (solid line – B). The subsequent rise to $60.66 signalled the continuation of the uptrend toward higher targets (C).

Behaviour indicators including the rising 40wMA and the rising trend line confirm the bullish status. There is good support near $54-55; only a sustained decline below $52-53 would be negative.

Point & Figure measurements provide targets of $64 and $69. Higher targets are visible.

Monica Rizk is the Senior Technical Analyst of the Phases & Cycles publication