Brookfield Property Partners - (BPY.UN.TO) - October 6, 2020


Diversified REIT Brookfield Property Partners (BPY.UN) returned to the Green Favored Zone of the SIA S&P/TSX Composite Index Report for the first time since June after moving up 8 spots yesterday and 113 spots in the last month. BPY.UN is also sitting in 10th place within the Green Favored Zone of the SIA S&P/TSX 60 Index Report.

Brookfield Property Partners (BPY.UN.TO) units have been under steady accumulation for the last six months as shown by the rising trend of higher lows and two bullish Ascending Triangle breakouts. Gains have accelerated in recent days since breaking out over $15.50, with the units advancing on a test of $18.50 initial resistance where a previous high and a measured move converge. Next potential resistance after that appears in the $20.00 to $20.50 zone between a round number and a point where multiple measured moves converge. Initial support appears near the $15.50 breakout point.

Since bottoming out in April, units of Brookfield Property Partners (BPY.UN.TO) have been steadily recovering lost ground. Recently, accumulation has accelerated with the shares completing a bullish Spread Double Top pattern and continuing to advance.

The units are approaching initial resistance in the $17.50 to $18.20 zone where a downtrend line plus previous column highs and lows cluster. A breakthrough there would confirm the start of a new uptrend with next potential resistance tests after that near $18.95 ad $20.50 based on horizontal counts. Initial support appears near $15.85 based on a 3-box reversal.

With a perfect SMAX score of 10, BPY.UN.TO is exhibiting near-term strength across the asset classes.

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