Emera (EMA-T) was in a long-term downtrend below a falling trendline (dotted line) and below the falling 40-week Moving Average (40wMA) for about two years. From mid-2023 to mid-2024, the stock built a bullish base in the form of a “W” pattern (dashed lines). Last summer, the stock began to rise above the average, which started to curl upward; this positive action combined with the rise above the falling trendline and the neckline of this formation (shaded area) signalled the end of the downtrend (A).
Emera has since started a new uptrend with a series of higher highs and higher lows above the 40wMA. A minor pullback toward $55 would provide a good entry level. Only a sustained decline below the 40wMA (currently near $52) would be negative.
Point & Figure measurements provide an initial target of $64. Higher targets are visible.
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Monica Rizk is the Senior Technical Analyst of the Phases & Cycles publication (www.capitalightresearch.com). Chart source: www.decisionplus.com