Corus Entertainment (CJR.B.TO) recently popped back up into the Green Favored Zone of the SIA S&P/TSX Composite Index Report. Yesterday the shares climbed another 4 spots, and they have moved up 101 places in the last month.
In the last week, accumulation in Corus Entertainment (CJR.B.TO) has clearly accelerated with the shares rallying up off of a successful test of trend support, staging a breakaway gap to the upside, snapping out of a long-term downtrend and breaking through $3.50 to complete a bullish Ascending Triangle pattern. Next potential resistance appears near $4.00 then $5.00 on trend where previous support/resistance converges with round numbers. Additional potential resistance appears in-between near $4.60 based on a measured move. Initial support moves up to the $3.50 breakout point from $3.25.
A long-term downtrend in Corus Entertainment (CJR.B) shares appears to have bottomed out back in the spring and since June, the shares appear to have be base building. Since August, the shares have been under renewed accumulation, rallying up off of a higher low and completing a bullish Double Top pattern.
Currently, the shares are advancing toward a retest of resistance near $3.90 where a breakout would compete a bullish spread double top, complete the base and confirm the start of a new upleg. Should that occur, next potential resistance may appear at a previous low near $4.45, then the $4.85 to $5.15 zone where vertical/horizontal counts, the $5.00 round number and a downtrend line cluster together. Initial support appears near $3.35 based on a 3-box reversal.
With its bullish SMAX score increasing to 9, CJR.B.TO is exhibiting near-term strength against the asset classes.
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