Personal and commercial bank Equitable Group (EQB.TO) recently returned to the Green Favored Zone in the SIA S&P/TSX Composite Index Report and continues to move up the rankings. Yesterday it finished in 23rd place, up 3 spots on the day and up 62 places over the last month.
Equitable Group (EQB.TO) shares have been under steady accumulation since March, shown by a trend of higher lows and a series of bullish Ascending Triangle pattern breakouts. Building on a recent breakout over $85.00, the shares staged a continuation gap above $90.00 recently and have been holding above the top of that gap, indicating continued investor support.
While the $100.00 round number may provide an initial psychological hurdle, the next significant resistance zone on trend appears in the $108.00 to $112.00 area where several measured moves cluster along with the 52-week high. Initial support appears near $92.50, then $85.00 where a recent breakout point and uptrend line support converge.
Building on a series of bullish Double Top and Spread Double Top breakouts plus a series of higher column lows, Equitable Group (EQB.TO) shares continue to trend upward.
Initial upside resistance may appear near the $100.00 round number, followed by $109.20 and $113.60 based on horizontal and vertical counts, then November 2019 peak near $118.20. Initial support appears near $87.80.
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