Midstream energy producer and distributor Keyera (KEY.TO) has been trending steadily upward within the SIA S&P/TSX Composite Index Report since December, moving up out of the red zone into the Green Favored Zone where it continues to climb. Up 25 positions in the last month, Keyera climbed 6 spots yesterday to 32nd place.
This five-year chart highlights the significance of recent gains for Keyera (KEY.TO) shares. Clearing $32.50 last year overcame a long-term hurdle and the ensuing correction was contained by a higher low near $27.00. In recent months, a bullish Ascending Triangle has been forming, a sign of continuing accumulation that was successfully completed by yesterdayās close.
Based on measured moves form recent trading ranges, next potential upside resistance may appear near $37.50 and $42.25, along with the $40.00 round number. Initial support has moved up to the $30.00 round number.
Since a downswing bottomed out back in December, Keyera (KEY.TO) has been under renewed accumulation. In recent months, the shares have been on the rebound, establishing a series of higher lows and positive pattern completions. Currently, the shares are bumping up against $34.30 resistance, where a breakout would confirm that the underlying, long-term uptrend has resumed. The shares have already broken out on a 1% chart.
Next potential upside resistance tests on trend appear near $41.00 and $46.15 based on horizontal and vertical counts. Initial support appears near $31.05 based on a 3-box reversal.
With a bullish SMAX score of 7, KEY.TO is exhibiting strength against the asset classes.
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