Logistics software producer Descartes Systems Group (DSG.TO) recently returned to the Green Favored Zone of the SIA S&P/TSX Composite Index Report for the first time since last October. The shares continue to climb up the rankings, having moved up 2 spots yesterday and 35 places in the last month to 39th place. After spending the better part of a year stuck in a sideways trading range between $70.00 and $85.00, Descartes Systems Group (DSG.TO) recently kicked off a new upleg blasting through $85.00, which has reversed polarity and become initial support, and advanced toward $90.00.
Based on a measured move from the recent trading range, next potential resistance for Descartes appears near the $100.00 round number.
Descartes Systems Group (DSG.TO) shares continue to accelerate up and out of the consolidation range they were stuck in through the back half of 2020. Positive pattern breakouts including a bullish Quadruple Top, a Spread Triple Top and a Double Top, plus the current High Pole advance to new all-time highs indicate ongoing accumulation. Based on vertical and horizontal counts plus a test of the $100.00 round number, next potential upside resistance appears near $100.45, then $106.60 on trend. Initial support appears near $82.40 based on a 3-box reversal. With a perfect SMAX score of 10, DSG.TO is exhibiting 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.