November 15, 2024

Bullish on Power Corp.

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Power Corp. (POW-T) rallied from $17.47 in 2020 to $44.53 in 2021 (A-B), reversed the trend in 2022 as it declined below the 40-week Moving Average (40wMA – C) and then settled in a trading range mostly between $32 and $38 followed by another range between $36 and $41 (dashed lines). The recent rise above this bullish two-part base signalled a breakout and the start of a new uptrend toward higher targets (D).

Behaviour indicators including the rising 40wMA confirm the bullish status. A minor correction toward $43-44 would provide a better entry level. Only a sustained decline below the average (currently near $40-41) would be negative.

Point & Figure measurements provide targets of $49 and $54. Higher targets are visible.

Monica Rizk is the Senior Technical Analyst of the Phases & Cycles publication (www.capitalightresearch.com). Chart source: www.decisionplus.com

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