Packaging producer CCL Industries (CCL.B.TO) has started to climb back up the rankings in the SIA S&P/TSX 60 Index Report. Having started deep in red zone in April, the shares recently peeked up into the Yellow Neutral Zone for the first time since September of 2021. The were last in the green zone in April of 2021. Yesterday, CCL.B finished in 28th place, up 7 positions on the day and up 18 spots in the last month.
A major breakout is underway in CCL Industries (CCL.B.TO) shares. A downtrend which started last September bottomed out in May in a bear trap where the shares briefly dipped below $55.00, and then turned back upward. This week, CCL.B has snapped out of a nine-month downtrend, and has climbed up off of $60.00, confirming the start of a new upswing.
Initial upside resistance appears at previous weekly peaks near $67.50, and then near $72.50. Initial support appears at the 50-day average near $59.00.
A recovery play appears to be getting underway in CCL Industries (CCL.B.TO) shares. Back in May, a bearish quadruple bottom breakdown failed with a bullish reversal and since then, the shares have been trending back upward, completing a series of bullish Double Top and Spread Double Top breakouts. The shares have regained $60.00 and continue to work their way back upward. Initial upside resistance appears at previous column lows near $66.15, followed by $69.50, where a vertical count and previous column high converge. Initial support appears near $59.85 based on a 3-box reversal. With a bullish SMAX score of 7, CCL.B.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.
