With a gain of 5 spots yesterday, insurer Sun Life Financial (SLF.TO) has returned to the Green Favored Zone of the SIA S&P/TSX 60 Index report for the first time since February.
From March through August, Sun Life Financial (SLF.TO) shares steadily recovered from the winter market crash, establishing an upward trend of consistently higher lows and completing two bullish Ascending Triangle patterns. For the last three months, the shares had been trending sideways in a normal consolidation phase. Yesterday’s breakout over $52.50 resolves the channel to the upside and signals that accumulation has resumed and a new advance has started.
Initial resistance may appear near $60.00 a previous support level, then the previous peak near $64.00. After that, upside tests on trend may appear near $65,00 and $70.00 based on measured moves, plus the $75.00 round number. Initial support appears near the $57.50 breakout point, then $52.50.
This long-term chart in Sun Life Financial (SLF.TO) shares shows how following a big upward spike in late 2019 and an even bigger downward crash in early 2020, the shares have resumed their primary upward trend, which has been in place since 2012, with a series of bullish Double Top breakouts, including one yesterday.
Next potential upside resistance appears at the previous high near $64.35, then $69.65 and $74.35 based on horizontal counts. Initial support appears near $53.90 based on a 3-box reversal.
With a bullish SMAX score of 8, SLF.TO is exhibiting near-term strength against the asset classes.
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