Arc Resources Ltd. - (ARX.TO) - February 16, 2021

ARC Resources Ltd. (CNW Group/ARC Resources Ltd.)

by SIACharts.com

Energy producer ARC Resources (ARX.TO) recently returned to the Green Favored Zone of the SIA S&P/TSX Composite Index Report and continues to rise up the rankings. On Friday it moved up another 10 spots to 28th place and it is up 27 spots in the last month.

ARC Resources (ARX.TO) shares have started to attract new interest, climbing on increased volume. On Friday, they broke out of a $5.60 to $6.80 trading range which had been in place since the shares snapped out of a downtrend and cleared $6.00 last summer.

The shares are currently bumping up against $8.00, a long-term support/resistance level and measured test where a breakout would complete a bullish ascending triangle base and confirm the start of a new uptrend. Should that occur, measured moves and previous peaks suggest potential upside resistance on trend near $9.20, then $10.00 round number, the $10.40 to $10.80 area and $13.00 on trend. Initial support appears at the $6.80 recent breakout point.

Accumulation in ARC Resources (ARX.TO) shares continues with a breakout over $7.40 completing a bullish Double Top, adding to the completion of a bullish Spread Double Top in January and the snapping of a downtrend line back in October.

Currently the shares are bumping up against $8.00 resistance where previous column highs/lows and a round number converge. A breakout would confirm that the current upward trend continues with next potential resistance near $9.15 and the $9.90 based on vertical counts, plus the $10.00 round number. Initial support appears near $7.20 based on a 3-box reversal and a retest of a recent breakout point.

With its bullish SMAX score increasing to 9, ARX.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.

Total
0
Shares
Previous Article

Looking Beyond China – To India – in Emerging Markets

Next Article

Could the Year of the Ox be a metaphor for 2021’s global economy?

Related Posts
Subscribe to AdvisorAnalyst.com notifications
Watch. Listen. Read. Raise your average.