GFL Environmental Inc. - (GFL.TO) - September 9, 2021 (Daily Stock Report)

by SIACharts.com

 

 

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.

 

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.

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