Methanex Corp. - (MX.TO) - June 20, 2022 (Daily Stock Report)

by SIACharts.com

 

 

Specialty chemicals producer Methanex (MX.TO) staged a big relative strength breakdown on Friday. It dropped out of the green zone of the SIA S&P/TSX Composite Index Report and fell deep into the Yellow Neutral Zone, sliding 35 positions to 93rd place.

Methanex (MX.TO) turned decisively downward on Friday. After rallying to start the year, Methanex had started to struggle in recent weeks, first with the $70.00 level, then with its 50-day moving average. Last week, MX.TO broke down below $60.00 on an increase in volume, a sign of accelerating distribution and the start of a new downswing.

Initial downside support appears in the $48.00-$50.00 area, followed by longer-term support closer to the $40.00 level. Initial resistance appears at the 50-day average near $65.00,

 

After peaking in April, Methanex (MX.TO) started to come under distribution, retreating in a Falling Channel of lower highs and lower lows. The selloff in Methanex accelerated last week with the shares completing a third Double Bottom pattern and breaking down below $60.00.

Next potential downside support appears near $48.75 based on previous column lows, then $46.85 based on a horizontal count, then more prior lows near $41.60 on trend. Initial resistance appears near $57.15 based on a 3-box reversal.

With a bearish SMAX score of 1, MX.TO is exhibiting weakness 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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