Methanex* (MX.TO) remains in first place at the top of the Green Favored Zone in the SIA S&P/TSX Composite Index Report.
A major breakout is underway in Methanex (MX.TO) shares which blasted through $40.00 yesterday to confirm increasing accumulation and that a new upleg has started within an emerging recovery trend. Initial resistance appears in the $50.00 to $52.50 area near a round number and previous support/resistance points, followed by previous lows near the $60.00 level. Initial support moves up to the $40.00 breakout point.
*Methanex is held in some portfolios managed by SIA Wealth Management
The recovery trend in Methanex* (MX.TO) shares has accelerated this month with the shares snapping a long-term downtrend line to build on a recent bullish Double Top breakout. Next potential upside resistance appears near the $50.00 round number, then previous support/resistance near $52.95, followed by the $58.45 to $59.65 zone where horizontal and vertical resistance converges with previous column highs and lows. Initial support appears near $43.45 based on a 3-box reversal.
With a perfect SMAX score of 10, MX.TO is exhibiting near-term strength across the asset classes.
*Methanex is held in some portfolios managed by SIA Wealth Management
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