Sleep Country Canada (ZZZ.TO) has been in the Green Favored Zone of the SIA S&P/TSX Composite Index report since August, returning 17.5% over that time. Recently, relative strength has been increasing. Yesterday the shares finished in 28th place, up 6 spots on the day and up 11 positions in the last week.
A major breakout is underway in Sleep Country Canada (ZZZ.TO) shares which blasted through their 2017 peak near $37.50 to a new all-time high yesterday. This continues an upward trend of higher lows and bullish Ascending Triangle patterns and signals the start of a new advance.
Measured moves from recent trading ranges suggest potential upside resistance tests near $43.00, $43.50, $48.50, and $52.00, plus the $50.00 round number. Initial support appears near the $37.50 and $35.00 breakout points.
Continuing an upward trend of bullish pattern completions and higher correction lows, Sleep Country Canada (ZZZ.TO) shares have staged a particularly significant breakout recently over $38.15, overcoming their previous high-water mark, which had been in place since 2017. The combination of a new all-time high for the shares and another active Double Top breakout, confirms that a new upleg has commenced.
Vertical and horizontal counts suggest that next potential resistance may appear near $46.50, $48.40, or $50.35 (just above the $50.00 round number) on trend. Initial support appears near $35.95 based on a 3-box reversal.
With a bullish SMAX score of 9, ZZZ.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.
