TC Energy (TRP-T, Monday’s close: $74.77)
declined from $67.81 in 2022 to $39.81 in 2023 (A–B), remaining below its falling 40-week moving average (40wMA). It then established a trading range mostly between $41–46, followed by a second range between $45–50 (dashed lines). On November 7, 2024 (at $55.74), we identified a breakout from this two-stage consolidation pattern—known as a Duplex Horizontal—and provided upside targets of $69 and $74.
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The stock quickly reached the first target (C), became overbought, and then entered a corrective range between $63–71 (dotted lines). Earlier this year, TC Energy broke out above this range (D), pulled back toward its average (E), and now appears poised to resume its uptrend. There is solid support around $67–68; a sustained decline below this level would negate the current bullish outlook.
Point & Figure measurements provide targets of $79 and $84, with additional higher targets visible beyond that.
Monica Rizk is the Senior Technical Analyst of the Phases & Cycles publication (www.capitalightresearch.com). Chart courtesy of www.LSEG.com.