Clothing producer HanesBrands (HBI) has resumed its upward trend within the SIA S&P 500 Index Report, and has returned to the Green Favored Zone after jumping 103 spots yesterday to 32nd place
Since bottoming out back in April, Hanesbrands (HBI) shares have been under accumulation as seen by the series of higher lows and bullish Ascending Triangle breakouts. This week, there have been a number of positive technical signals including a successful retest of the 50-day average as support, two consecutive breakaway gaps to the upside, and breakouts over the 200-day average and then the $14.00 level. Next potential resistance appears near $16.00 based on previous highs and a measured move, then a measured $17.50 on trend. Initial support moves up toward $13.00 from the 200-day average near $12.30.
The recovery trend in Hanesbrands (HBI) continues to accelerate with yesterday’s 14.2% gain which completed a bullish Spread Double Top pattern and signaled the start of a new upleg. Next potential upside resistance appears near $16.05 based on a horizontal count, and then $17.70 - $17.60 based on a vertical count. Initial support appears near $13.10 based on a 3-box reversal and a retest of the recent breakout point.
With its bullish SMAX score increasing to a perfect 10, HBI is exhibiting near-term strength across the asset classes.
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