Waste Connections Inc. (WCN.TO) has returned to the Green Favored Zone in the SIA TSX 60 Index report back on August 4, 2022 at a price of $179.10. Today, the price of the shares is at $185.76 which is already representing a 3.7% return in 2 weeks since entering the Favored Zone. Currently the shares occupy the 15th spot in the S&P TSX 60 Index, up 8 spots in the past month.
In looking at the attached Candlestick chart, the shares found a bottom at approximately the $148.00 area back earlier in June successfully testing support which was where the shares also touched the $148.00 area back in February. Since June of this year, the shares have been under steady accumulation. Now we see the shares recently break above a key resistance level at the $182.00 area. Next potential resistance can now be found at the $200 psychological level. Support can be found at previous resistance which is now new support at $182.00.
In the attached Point and Figure chart at a 2% scale, we see the shares bottomed out at approximately the $149.00 area which was 1 box below the previous column of O’s when the shares bottomed at approximately $151.00 indicating a classic bear trap. Since June, the shares have rallied quite strongly and now we see the shares break above prior key resistance at $184.99. If we see follow through strength in the shares, next potential resistance can be found at $196.31 and, above that, $221.07 based on a measured move. Support can be found at the 3 box reversal which is $170.90 and, below that, $145.86.
With an SMAX of 9 out of 10, WCN.TO is showing near term strength against all asset classes.
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