TransAlta Corp. - (TA.TO) - June 14, 2022 (Daily Stock Report)

by SIACharts.com

 

 

Electric power producer Transalta Corp (TA.TO) was one of only eleven stocks in the SIA S&P/TSX Composite Index Report to post a gain yesterday. Transalta returned to the Green Favored Zone at the beginning of May from a short dip down into the red zone. Yesterday it climbed 2 positions to 38th place.

Since October of last year, Transalta (TA.TO) has been consolidating previous gains between $12.00 and $14.50. Support at the bottom boundary was confirmed by a successful retest back in February and since then, the shares have been climbing. Currently they are hanging around $14.50 but it looks like a close above $14.75 may be needed to confirm the start of a new upleg.

Should that occur, a measured moved suggests next potential resistance near $17.00. Initial support has moved up to the 50-day moving average near $14.00.

 

Resolving six months of consolidation with a breakout to the upside, Transalta (TA.TO) has come under renewed accumulation. The current advance started back in April and along the way, the shares have completed a series of bullish patterns including a Double Top and Two Spread Double Tops.

Next potential upside resistance on trend appears near $16.35, $17.35 and $18.40 all based on horizontal counts. Initial support appears near $13.40 based on a 3-box reversal.

With a bullish SMAX score of 8, TA.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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