In today’s edition of the Daily Stock Report, we are going to feature Power Corp (POW.TO). This is the first time we have looked at Power Corp in over 10 years. Power Corp has shown consistent strength over the last little while moving up 1 spot in the last week, 7 spots in the last month and 25 spots in the last 3 months in SIA’s TSX Capped Composite Index Report. It currently sits in the Favored Zone in the 16th spot.
Power Corp of Canada is a diversified holding company with interests in financial services, communications, and other business sectors through its controlling interests in Power Financial. Power Corp first entered the Favored Zone of the SIA TSX Composite Index earlier this year on April 13 at a price of $34.29. After Friday’s close the shares were $41.44 representing a 20.85% price appreciation since first entering the favored zone. In looking at the Candlestick Chart, we see the stock has been in a steady uptrend since March of 2020. A brief and shallow pullback occurred earlier this summer but now we see a significant breakout occur at its previous high near $40.00 with a another potential new upleg forming. Support can be found at the prior high near $40.00 while resistance is near the $48.00 area.
When looking at a 1% scale on a Point the Figure Chart for Power Corp (POW.TO), we see the shares found support at its 3-box reversal and then reversed back to the upside making a new high which is now exhibiting a Positive Double Top Pattern. Support can be found at $39.79 and below that $38.24. To the upside, resistance can be found at $44.39 and, above that, $48.07.
With an SMAX of 10 out of 10, POW.TO is exhibiting near term strength against all the asset classes.
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