Forest products producer Interfor (IFP.TO) continues to climb toward the top of the Green Favored Zone in the SIA S&P/TSX Composite Index report, rising another three spots on Friday to 8th place.
Interfor (IFP.TO) shares continue to steadily recover from their March low. They recently snapped a long-term downtrend line and established higher support near $14.00. A Golden Cross of the moving averages is pending which would be another bullish sign. Next potential upside resistance on trend appears near $17.00, then the $20.00 round number.
Accumulation in Interfor (IFP.TO) has accelerated lately with the shares completing a bullish Double Top pattern, snapping out of a downtrend and continuing to climb in the last few weeks. Next potential upside resistance tests on trend appears in the $16.55 to $16.90 range, and then $18.30, all based on previous column highs. Initial support appears near $13.60 based on a 3-box reversal.
With a perfect SMAX score of 10, IFP.TO is exhibiting near-term strength across the asset classes.
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