OpenText Corp. (OTEX.TO), a Canadian company that develops and sells enterprise information management software has been consistently advancing as of late within the S&P/TSX 60 Report. Currently ranked 23rd, OTEX.TO shares have moved up 31 spots over the past quarter and 20 spots over the past month, and they have returned 22.27% over the past 3 months..
Looking at the candlestick chart in the middle of May price began a rally that would push the stock to new all time highs and surpass the prior resistance zone of $62.50 which had held 3 different times since the beginning of February.
A long term trend line has been established for OpenText with the third test successfully holding back in March of this year. Initial resistance appears at the $60.00-$62.50 area where prior resistance has been broken and below that at $55.00. As the price is at all time highs there is no clear resistance levels however when using Daily Fib Extension levels potential resistance can be found at $70.13 (1.618%) and above that at $76.73 (2.618%)
OpenText (OTEX.TO) has been in a large range between $40.00-$60.00 ever since January of 2019 while forming a bullish ascending triangle in the process. Recently shares of OTEX.TO competed a bullish triple top pattern and broke out to the upside.
The shares have made new all time highs currently sitting at $68.73. Initial support can be found at the 3-box reversal as well as prior triple top break out point which falls between the $61.88-$63.12 area. Below that next support can be found at $55.00. Initial resistance based on vertical counts comes in just above current price at $72.50 and above that at the $80.00 round number.
With a bullish SMAX score of 9, OTEX.TO is exhibiting 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.
