Canadian Tire (CTC.A.TO) popped back into the Green Favored Zone of the SIA S&P/TSX 60 Index Report earlier this week and is currently sitting in 13th place.
A major breakout is underway in Canadian Tire (CTC.A) shares this week which have cleared the top of a $126.00-$140.00 trading range to signal the start of a new upleg within its ongoing recovery trend. Next potential upside resistance appears in two areas, $150.00-$152.50 between a round number and the shares previous high, then $155.00 to $156.00 where two measured moves converge. Initial support moves up to the $140.00 breakout point from $132.50.
After rallying in the spring and consolidating through the summer, Canadian Tire (CTC.A.TO) has resumed its upward course in the last few weeks. A bullish Double Top breakout this month has signaled the start of a new upleg on trend. Initial upside resistance may appear in two zones, $149.30 to $153.30, and then $158.50 to $161.70, both of which are clusters where previous column highs/lows, vertical/horizontal counts, and round numbers converge. Initial support appears near $136.50 based on a 3-box reversal.
With a bullish SMAX score of 9, CTC.A.TO is exhibiting near-term strength against the asset classes.
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