Packaging producer CCL Industries (CCL.B.TO) continues to steadily move upward in the rankings of the SIA S&P/TSX Composite Index Report. Having started deep in the red zone, it recently returned to the Green Favored Zone for the first time since April of 2021. Yesterday, CCL.B.TO finished in 42nd place, up 3 spots on the day and up 45 positions in the last month.
Back in April, a downtrend in CCL Industries (CCL.B.TO) shares bottomed out in a bear trap washout when they briefly broke down below $55.00, then reversed back upward. Since then, the shares have been steadily recovering lost ground, building an upward trend of higher lows, retaking and then holding above their 50-day moving average, and snapping a downtrend line.
Currently, the shares are approaching the $65.00 level with next potential resistance in the $71.00 to $74.00 zone near previous highs. Initial support has moved up toward $60.00, a recent breakout point that aligns with the 50-day average.
This 1% chart highlights the strength of the recent turnaround in CCL Industries (CCL.B.TO). A nine-month downtrend, which started in August of 2021 and deepened in February of 2022 finally bottomed out in May. The initial rebound snapped a short-term downtrend line and completed a bullish Double Top breakout that called off a bearish quadruple bottom pattern. Since then, an uptrend of higher lows and a series of bullish Double Top breakouts has emerged, indicating renewed accumulation.
Based on previous column highs, all of which align with vertical or horizontal counts, next potential upside resistance appears near $68.15, $69.50 or $73.05 on trend. Initial support appears near $61.65 based on a 3-box reversal.
With a bullish SMAX score of 8, 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.
