Intertape Polymer Group (ITP.TO) recently returned to the Green Favored Zone of the SIA S&P/TSX Composite Index Report for the first time in over five years, moving up another 4 spots yesterday to 35th place.
Building upon the successful resolution to the upside of a symmetrical consolidation triangle, Intertape Polymer Group (ITP.TO) shares continue to trend upward. This week the shares have broken out of a long-term downtrend, confirming ongoing accumulation. Next potential upside tests appear near $18.00 and $21.50 where resistance has appeared previously, along with the $20.00 round number. Initial support moves up toward the $15.00 round number.
Accumulation in Intertape Polymer Group (ITP.TO) has accelerated this month with the shares blasting up out of a symmetrical consolidation triangle, completing a bullish Triple Top, then a larger bullish Spread Double Top, and most recently, snapping out of a long-term downtrend.
Next potential upside resistance appears at previous column highs near $17.85, then the $19.70 to $20.00 area near a round number, and finally, the $20.50 to $21.40 area where a horizontal count converges with previous highs. Initial support appears in the $14.60 to $15.00 area where a round number, 3-box reversal and previous column lows cluster.
With a perfect SMAX score of 10, ITP.TO is exhibiting near-term strength across the asset classes.
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