ARC Resources Ltd. : The CAD 28.7 resistance is in line of sight
By Camille Chretien
Entry price | Target | Stop-loss | Potential |
---|---|---|---|
CA$27.51 | CA$0 | CA$26.95 | -100% |
Technically, the security shows a bullish configuration on all time scales. However, prices are back to the CAD 27.5 short term support, corresponding to the 50-day moving average. Thus, the stock may use this level as a stepping stone to bounce towards CAD 28.7.
Thanks to these good indicators, it seems relevant to take a long position in ARC Resources at the current price. The target price is the CAD 28.7 resistance. A stop loss will be set under the CAD 27.5 short term support because a breakdown of this level would damage technical pattern.