A positive reaction among investors to specialty retailer Aritzia’s (ATZ.TO) sparked a 13.8% rally in its shares yesterday. These gains drove Aritzia up 108 spots in the SIA S&P/TSX Composite Index Report yesterday moving directly from the red zone to the Green Favored Zone in one day.
Aritzia (ATZ.TO) shares recently snapped out of a downtrend, and yesterday they decisively embarked on a new uptrend with a big breakout rally on a spike in volume indicating renewed accumulation. The shares are currently bumping up against initial resistance near $22.50 but if they can get through there, next potential upside resistance appears near the $25.00 round number and then $26.50 where a previous high and a measured move converge. The $20.00 breakout point reverses polarity to become initial support.
Fashion retailer Aritzia (ATZ.TO) staged a major breakout yesterday, blasting through the $20.00 level as it soared from near $19.00 to above $22.00. Along the way it completed a bullish Double Top and two bullish Spread Double Top breakouts and snapped a downtrend line, all combining to signal the start of a new uptrend.
Next potential upside resistance appears near the $25.00 round number, then $25.80 based on a horizontal count, and the 52-week peak near $26.35. Initial support appears near $20.35 based on a 3-box reversal.
With a bullish SMAX score of 9, ATZ.TO is exhibiting near-term strength against the asset classes.
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