Convenience store company Alimentation Couche-Tard (ATD.TO) has moved up in the Favored Zone of the SIA S&P/TSX 60 Index Report into the ninth position as of the close of Friday. ATD.TO has moved up 5 positions over the last month after entering the Favored zone in April of this year.
Alimentation Couche-Tard (ATD.TO) has been trading in a range between $50 and $60 over the last few months and appears again to be testing its highs and resistance level at $60. A break through this level could continue its slight up-trend range it has been on over the last 3 years, but a fail to break through could see the recent reversal pattern come into play again.
Based on measured moves from recent trading ranges, upside resistance on trend may appear near $60.00, then $69.00 and $75.00 on trend. Additional support appears near the $50.00 round number.
Alimentation Couche-Tard (ATD.TO) is currently trading in a High Pole Warning point and figure chart signal but is approaching a potential turning point. A potential Double Top breakout point at 2% could be triggered if it can move up above its May highs at the resistance level of $59.93. A move above this could see further resistance at $64.87 and $70.21 come into play.
To the downside, support can be found at $54.28 for a 3-box reversal and below this at $51.17. ATD.TO has mostly been trading in the range between $50-$60 since March as the longer-term upwards channel it has been trading in for the most part of the past 7 years continues to move upwards, it will be important to monitor to see it ATD.TO can break through in this high inflation market.
With a bullish SMAX score of 9, ATD.TO is exhibiting strength against the asset classes.
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