GFL Environmental (GFL.TO) has returned to the Green Favored Zone of the SIA S&P/TSX Composite Index report for the first time since May from a summer dip into the red zone. Yesterday the shares finished in 55th place up 4 spots on the day and up 9 places in the last month.
A major breakout is underway in GFL Environmental (GFL.TO) shares. Since peaking back in April, the shares have been stuck in a sideways consolidation phase digesting previous gains. An initial correction bottomed out in a hammer candlestick back in May and following a few weeks of base building, accumulation resumed in July. Yesterday, the shares touched a new intraday high. A close above $45.80 would confirm the completion of a bullish Ascending Triangle pattern and the start of a new advance.
Initial upside resistance appears near the $50.00 round number followed by $54.80 based on a measured move from the triangle. Initial support appears near $43.00.
GFL Environmental (GFL.TO) has been generally trending upward for over a year, but since peaking in April, had been in a sideways consolidation phase. A spring correction was contained by uptrend support and the shares started to resume their upward course in earnest back in July. This month, the shares have broken out to a new all-time high, signaling the start of a new rally phase.
Based on a combination of vertical and horizontal counts plus a round number, initial upside resistance may appear in the $50.00 to $51.00 area, followed by $54.15 based on a vertical count. Initial support appears near $44.40 based on a 3-box reversal.
With a perfect SMAX score of 10, GFL.TO is exhibiting strength across the asset classes.
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