Continuing a relative strength recovery trend that saw it climb up out of the red zone over the first half of 2021 and consolidate in the yellow zone through late 2021 and early 2022, George Weston (WN.TO) has returned to the Green Favored Zone in the SIA S&P/TSX Composite Index Report for the first time since the spring of 2020. Yesterday, it moved up another 11 positions to 59th place.
For over a year, George Weston (WN.TO) has been under steady accumulation, advancing in a step pattern of rallies followed by periods of consolidation at higher levels. In recent weeks, the shares have been trading in the $152.50 to $162.50 range before its recent breakout over $150.00.
A close above $162.50 would signal the start of a new upleg with next potential resistance in the $170.00 to $172.50 zone based on measured moves from the recent trading range. Initial support appears near the $150.00 round number.
From 2014 to 2021, George Weston (WN.TO) trended sideways between $85.00 and $115.00. Last year it came under renewed accumulation, breaking out and staging a bullish High Pole advance. Following a small correction earlier this year, WN.TO has broken out over $150.00 to new highs in a new High Pole.
A measured moved from the old range suggests potential resistance near $175.00, followed by the $192.70 to $200.50 area, near the $200.00 round number, based on vertical and horizontal counts. Initial support appears near $148.95 based on a 3-box reversal and a retest of the $150.00 round number.
With a bullish SMAX score of 9, WN.TO is exhibiting strength against the asset classes.
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