tc7787

Long Altagas (ALA.TO)

Long
TSX:ALA   ALTAGAS LTD
Altagas started to rebound after massive dump, on a weekly chart management and the firms restated objectives and debt repayment plans have started to regain investor confidence, as it can be evidenced from the price movement, over the past several weeks. It is clear that down trend is finally over and continued climb up in price seems that it is not a dead cat bounce or a consolidation in my opinion. I believe over the longer term (given the amount of flow in Canadian markets) alta gas will be continuing to gain. Right now I do not see any major resistances ahead, implying further increase my come at a faster rate. Lastly trend is quite strong with a 42 degrees angle, it may slow down in the event of macro global economic hick ups, since its a natural gas company, but overall I believe it is a good buy at these levels with a tight stop loss.
Comment: Another well played scenario, I iterate my bullish call, as I expected there was some profit taking but the stock has a good momentum with little hickups, my main target is the main resistance level which is 22.20. In the event of exceeding that level we may see further recovery of the stock. But keep in mind demand for the natural gas is still in play despite improvements at the firm level. Lastly, I believe stop loss is at a good point little deviations may kick you out but overall, I am not expecting any other further falls.

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