CCL Industries Inc. - (CCL.B.TO) - July 26, 2022 (Daily Stock Report)




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.


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