Boralex Inc. - (BLX.TO) - June 10, 2022 (Daily Stock Report)

by SIACharts.com

 

 

Boralex (BLX.TO) is a Canadian power company that produces renewable wind, solar, hydroelectric and thermal energy. After spending a year stuck in the red zone of the SIA S&P/TSX Composite Index Report, Boralex has been climbing back up the rankings since March and this week, it has returned to the Green Favored Zone. Yesterday it finished in 50th place, up 4 spots on the day and up 23 positions in the last month.

A major breakout is underway in Boralex (BLX.TO) shares. Earlier this year, a downtrend was finally contained by support near $30.00, a previous resistance level that had reversed polarity. Since then, the shares have been under renewed accumulation, establishing a series of higher lows and snapping out of a previous downtrend.

Having already regained the $40.00 level, which has become initial support, the shares broke out over $44.00 yesterday, completing a bullish Ascending Triangle base and confirming the start of a new uptrend. Next potential resistance appear near $50.00, where a round number and measured move converge, the previous peak near $55.00, and a measured $58.00.

 

A year-long downtrend in Boralex (BLX.TO) shares bottomed out in January near $30.00 and since then, the power producer has been under renewed accumulation. After calling off its bearish signals, Boralex has embarked on a series of positive pattern completions, including 3 Double Tops and a Spread Double Top, and has climbed above $44.00 to trade at its highest level since March of 2021.

Initial upside resistance appears near the $50.00 round number, followed by $51.70 based on a horizontal count and then the $53.75 to $54.85 area based on a cluster of counts and the January 2021 peak. Initial support appears near $40.75 based on a 3-box reversal.

With a bullish SMAX score of 8, BLX.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.

Total
0
Shares
Previous Article

Tech Talk for Friday June 10th 2022

Next Article

The May Inflation Print Was an Unwelcome Surprise 

Related Posts
Read More

David Burrows Discusses Leadership Themes, What The Market Data Is Telling Us, And Asks: Is This A Rally Within An Ongoing Bear Market, Or The Early Days Of A New Bull Market?

David Burrows, President and Chief Strategist at Barometer Capital Management presents his "Barometer Reading" on financial markets, the…
Read More

Picton Mahoney Q3 2022 Investment Review & Outlook: Inflation looks set to fall, the economy is likely to waiver, but stocks may rally

by David Picton and Team, Picton Mahoney Asset Management Copyright © Picton Mahoney Asset Management
Subscribe to AdvisorAnalyst.com notifications
Watch. Listen. Read. Raise your average.