Boosted by positive earnings and a dividend increase, shares of auto parts producer Linamar Corp. (LNR.TO) jumped 39 spots in the Green Favored Zone of the SIA S&P/TSX Composite Index Report to 8th place. LNR.TO has climbed 107 places in the last month.
Linamar Corp (LNR.TO) shares staged a major breakout to the upside yesterday. Having already snapped out of a long-term downtrend back in September, yesterday the shares blasted through the $50.00 round number to complete a Reverse Head and Shoulders Base pattern and confirm the start of a new uptrend.
Initial upside resistance may appear at previous support/resistance near $65.00, then the $72.50 to $75.00 zone where a previous high, measured move and round number cluster together. Initial support moves up to the $50.00 breakout point
Accumulation in Linamar Corp (LNR.TO) shares has accelerated once again. Yesterday the shares completed a bullish Double Top pattern and broke through the $50.00 round number. This move signaled the start of a new upleg within an uptrend that as been underway and has already completed bullish Triple Top and Spread Double Top patterns.
Initial resistance appears in the $62.00 to $63.30 area where a previous column high and several vertical/horizontal counts converge, followed by the $74.20 to $75.00 area where prior resistance and a round number converge. Initial support appears near $50.90 based on a 3-box reversal, then the $50.00 round number breakout point.
With its bullish SMAX score increasing to a perfect 10, LNR.TO is exhibiting near-term strength across the asset classes.
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