Prairiesky Royalty Ltd. - (PSK.TO) - February 1, 2022 (Daily Stock Report)

by SIACharts.com

 

 

Energy royalty company Prairiesky (PSK.TO) has returned to the Green Favored Zone of the SIA S&P/TSX Composite Index Report for the first time since November, continuing a climb up the rankings which started down in the red zone a month ago. Yesterday, the shares finished in 51st place, up 7 spots on the day and up 90 positions in the last month.

This five-year chart highlights the significance of yesterday’s major breakout by Prairiesky Royalty (PSK.TO) shares. Back in 2020, the shares staged an initial recovery rally that snapped a long-term downtrend line. For nearly all of the last year, however, PSK has been stuck in a trading range between $12.60 and $16.40. Yesterday, the shares broke out of that range to close at their highest level since the summer of 2019, completing a bullish Ascending Triangle pattern and signaling the start of a new upleg.

Based on measured moves and round numbers, potential upside resistance tests on trend may appear in the $20.00-$20.20 area initially, followed by $24.00, $25.00 and $26.00 on trend. Initial support appears at the 50-day average near $14.00.

 

In April of last year, Prairiesky Royalty (PSK.TO) broke out of a long-term downtrend. Since then, the shares have continued to steadily recover, staging a series of bullish Double Top breakouts and establishing support at higher lows. Recently the shares embarked on a new upleg.

Potential upside resistance currently appears in two zones, $18.75-$19.50 between a previous column high and a vertical count, then $22.40-$23.30 based on a horizontal count and a previous column low. Initial support appears near $15.10 based on a 3-box reversal.

With a bullish SMAX score of 9, PSK.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.

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