In the last month, ERO Copper (ERO.TO) has climbed 105 spots in the SIA SIP/TSX Composite Index report, including yesterday’s gain of 11 spots to 16th place. Ero has returned to the Green Favored Zone from a dip into the red zone and had reached its highest ranking since last July.
For over a year, ERO Copper (ERO.TO) has been under accumulation, steadily advancing in a rising channel of higher highs and higher lows. In the last two weeks, accumulation has accelerated with the shares breaking out over their 2019 peak to new all-time highs on increased volume and completing a bullish Ascending Triangle pattern to signal the start of a new advance.
Based on measured moves, potential upside resistance tests appear near $31.50, $38.00, the $40.00 round number, and the $40.50-$41.50 area. Initial support appears near $25.00 where the recent breakout point and a round number converge.
< A major breakout is underway in ERO Copper this month. Building on an April Double Top Breakout, the shares have blasted through $25.00 in May overtaking a previous peak dating back to 2019, and completed a bullish Spread Double Top pattern, and carrying on upward, all signs that a new upleg is underway within a primary uptrend that has been in place for over a year. Vertical and horizontal counts suggest potential upside resistance may appear near $31.15, $33.10 or $39.50 on trend. Initial support appears near $26.60 based on a 3-box reversal, then the $25.00 breakout point. With a perfect SMAX score of 10, ERO.TO is exhibiting near-term strength across 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.