Canadian Tire Corporation (CTC.A.TO) provides a range of retail goods and services in Canada. It moved into the Favored zone in the spring and then briefly into the Neutral zone and now sits ranked 15th back in the Favored zone. Bouncing back after reporting a second-quarter loss amid store closures, CTC.A.TO is looking to breakout over $130 and challenge levels it was at earlier this year in February around the $140 range.
Canadian Tire Corp (CTC.A.TO) is looking to move past the $130.70 price area to complete a double top breakout pattern. Initial overhead resistance appears near $133.31. If price holds above this level then next upside resistance comes into play at the $150 round number. To the downside, support is found at $118.38 and $111.55.
With a bullish SMAX score of 8 out of 10, CTC.A.TO is showing near-term strength against all asset classes.
Disclaimer: SIACharts Inc. specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investors investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIACharts Inc. nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.
