Since media giant Thomson Reuters (TRI.TO) entered the Green Favored Zone of the SIA S&P/TSX 60 Index Report back in July, the shares are up 19.6%. On Friday, they moved up 3 spots to 8th place.
Thomson Reuters (TRI.TO) shares have been steadily advancing through 2021. Starting in June, their underlying uptrend has steepened. A correction back in August was contained above the top of a previous upward gap and was followed by the steeper trend support line holding earlier this month. Last week, the shares broke out over $151.50 to a new high, completing a common consolidation phase and signaling the start of a new advance. Volumes have been increasing lately as the shares have advanced, also indicating increasing investor interest.
Measured moves up from recent pullbacks suggests potential upside resistance near $161.50, $167.50 and $170.50. Initial support appears near the $150.00 round number.
Thomson Reuters (TRI.TO) has been under steady accumulation since breaking out in 2013, with only two significant speed bumps along the way, the broad market retreats of late 2018 and early 2020. The shares spent most of this year so far in a High Pole rally. Coming out of a small 4-box correction in September, their uptrend has resumed, especially since their recent Double Top breakout to a new all-time high.
Vertical and horizontal counts suggest next potential resistance may appear near $197.20 and then $222.05 on trend, along with the $200.00 round number. Initial support appears near $143.65 based on a 3-box reversal.
With a bullish SMAX score of 9, TRI.TO is exhibiting strength across the asset classes.
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