Protective packaging producer Intertape Polymer Group (ITP.TO) rallied 20.7% yesterday on positive earnings, which enabled it to leap up 48 spots within the Green Favored Zone of the SIA S&P/TSX Composite Index Report to 2nd place.
Accumulation in Intertape Polymer Group (ITP.TO) shares continues to accelerate. Back in the summer, the shares snapped out of a long-term downtrend and then consolidated for several weeks. Yesterday, the shares took off like a rocket, clearing prior resistance near $16.50, $18.00 and the $20.00 round number to signal the start of a new advance.
Initial upside resistance may appear at the previous peak just above $21.00, which dates back to 2017, followed by a measured $24.00 and the $25.00 round number. Initial support moves up to $18.00, a previous support/resistance level.
Since bottoming out in March, Intertape Polymer Group (ITP.TO) shares have been recovering in a step pattern of rallies followed by periods of consolidation at higher levels. Yesterday, the shares staged a major breakout, clearing $16.60 to complete a bullish Double Top pattern, then driving up through the $20.00 round number to confirm the start of a new upleg.
Next potential upside resistance appears at the 2017 peak near $21.04 followed by $21.90 based on a vertical count, and then $23.25 and $24.65, both of which are based on vertical counts. Initial support appears near $18.30 based on a 3-box reversal.
With a bullish SMAX score of 9, ITP.TO is exhibiting near-term strength against the asset classes.
Disclaimer: SIACharts Inc. specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investors investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIACharts Inc. nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.
