Manulife Financial Corp. - (MFC.TO) - December 9, 2020

by SIACharts.com

After climbing 4 spots yesterday and 22 spots in the last month, Manulife Financial (MFC.TO) has climbed up out of the red zone in the SIA S&P/TSX 60 Index report to 16th place, the top of the Yellow Neutral Zone, one spot away from a return to the green zone for the first time since February.

Back in November, a breakaway gap to the upside snapped a downtrend line and signaled the start of a new advance for Manulife Financial (MFC.TO) shares, which was then confirmed by the completion of a bullish Ascending Triangle pattern and the regaining of the $20.00 level. Accumulation has continued to this day with support moving up toward $22.00.

Next potential upside resistance tests on trend appear near $24.00, an old support level, $25.00, a round number and a measured move, the January high near $26.75 and a measured $28.00.

Since bottoming out back in March, Manulife Financial (MFC.TO) shares have been steadily recovering with a series of rallies followed by consolidation at higher levels forming a bullish step pattern. Back in September, the shares snapped out of a downtrend then spent a few weeks digesting that move. In November, the shares embarked on a new rally phase and have continued to climb into December, building on a bullish Double Top breakout.

Potential upside resistance appears in two zones. First $25.55 to $26.55 where a horizontal count and the January high converge, then $30.50 to $31.75 where several vertical and horizontal counts cluster. Initial support appears near $21.35 based on a 3-box reversal.

With a bullish SMAX score of 8, MFC.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.

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