Forest products producer Interfor Corp. (IFP.TO) has returned to the Green Favored Zone of the SIA S&P/TSX Composite Index Report this week for the first time since June, continuing to bounce back from a summer drop into the red zone. Yesterday the shares finished n 42nd place, up 12 spots on the day and up 137 spots in the last month.
Interfor Corp. (IFP.TO) shares have come back under accumulation since establishing a higher low near $23.50 back in August. Earlier this month, they snapped out of a downtrend and confirmed the start of a new upswing with a breakout over $30.00.
Upside resistance may first potentially appear near $32.50, followed by the $35.00 to $36.00 area where they peaked back in May, followed by the $40.00 round number. Initial support moves up to the $30.00 breakout point from $27.50.
A summer retreat in Interfor (IFP.TO) shares bottomed out at a higher low last month, keeping its longer-term underlying uptrend intact. Since then, the shares have resumed and the start of a rebound has been confirmed recently with a Double Top breakout followed by the shares regaining $30.00.
Initially, upside resistance may appear at the May peak near $35.00, followed by $36.43 and then $39.45, both of which are based on horizontal counts. Initial support appears near $28.70 based on a 3-box reversal.
With its bullish SMAX score increasing to 9, IFP.TO is exhibiting strength against the asset classes.
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