Tourmaline Oil Corp. - (TOU.TO) - May 5, 2021

by SIACharts.com

Tourmaline Oil* (TOU.TO) continues to climb within the Green Favored Zone of the SIA S&P/TSX Composite Index Report. Yesterday the shares moved up 4 spots to 6th place, and they have climbed 11 places in the last week.

This five-year weekly chart highlights the strength of the current recovery trend in Tourmaline Oil* (TOU.TO) shares. Since snapping out of a long-term downtrend in the spring of 2020, the shares have been steadily advancing, establishing a steady uptrend of higher lows. This week, the shares have broken out over $27.00, to their highest level since early 2017, completing another bullish Ascending Triangle pattern and signaling the start of a new upleg.

Next potential upside resistance tests on trend appear near the $30.00 round number, $32.00 based on a measured move from the recently completed triangle, and then the 2016 peaks located between $35.00 and $36.50. Initial support moves up to the $27.00 breakout point from the $25.00 round number. .

*Shares of Tourmaline Oil are held in some portfolios managed by SIA Wealth Management.

Another big breakout is underway this week in Tourmaline Oil* (TOU.TO) shares. The shares rallying up through $26.35 has completed another bullish Double Top pattern, signaling the start of a new upleg within an upward trend which started about a year ago.

A horizontal count from the Double Top suggests initial potential upside resistance near $32.75, followed by the $34.75 to $35.45 area where the $35.00 round number and previous highs congregate, and then $36.90 based on a vertical count. Initial support appears near $25.85 based on a 3-box reversal and a retest of the most recent breakout point.

With a perfect SMAX score of 10, TOU.TO is exhibiting near-term strength across the asset classes.

*Shares of Tourmaline Oil are held in some portfolios managed by SIA Wealth Management.

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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