Household products producer Newell Rubbermaid (NWL) returned to the Green Favored Zone of the SIA S&P 500 Index Report yesterday for the first time since August. The shares are up 40 spots yesterday and have climbed 52 spots in the last month.
Back in June, Newell Rubbermaid (NWL) broke out of a long-term downtrend clearing $15.00 and since then, they have remained under accumulation, establishing an uptrend of consistently higher lows. Recently, the shares have broken out over $17.50, which has reversed polarity from resistance to support, confirming that their advance continues.
Initial resistance appears in the $20.00 to $21.00 area between a round number and previous rejections, followed by $22.50, a previous support/resistance level, and the $25.00 round number on trend, all of which also converge with measured moves.
Since first breaking out of a base in June, Newell Rubbermaid (NWL) has remained under steady accumulation, with a consistent series of higher lows indicating growing investor interest. The shares have also completed a series of bullish Double Top patterns including a breakout today.
Currently, the shares are approaching initial resistance near $20.00 where a round number long-term downtrend line and a horizontal count cluster. A rally through there would confirm the start of a new uptrend with next potential resistance on trend near $23.90 based on a horizontal count and then $26.40 based on a vertical count. Initial support appears near $17.40 based on a 3-box reversal.
With a bullish SMAX score of 8, NWL is exhibiting near-term strength against the asset classes.
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