Fertilizer producer Nutrien (NTR.TO) continues to bounce back from a recent dip into the yellow zone of the SIA S&P/TSX Composite Index Report. Nutrien recently returned to the Green Favored Zone after two months away and finished yesterday in 35th position, up 10 spots on the day and up 77 places in the last month.
It appears that a spring correction in Nutrien (NTR.TO) shares has run its course and their primary upward trend has resumed. Last month, NTR.TO bottomed out near $95.00 and since then, it has been under renewed accumulation, regaining $100.00 and $110.00, snapping a downtrend line and establishing a new uptrend of higher lows.
Currently the shares are bumping up against $120.00 resistance at a former support level. A breakthrough there would confirm the start of a new advance with next potential resistance near $145.00 where a measured move and the March peak converge. Initial support has moved up toward $115.00 from $110.00.
Nutrien (NTR.TO) continues to claw back territory lows in a June-July selloff. Over half of the low pole that extended from a spread double bottom breakdown has been reversed, triggering a bullish Low Pole Warning.
Initial upside resistance appears at previous column highs near $131.15, then $136.45, followed by the previous peak near $144.80. Initial support appears near $111.95 based on a common 3-box reversal.
With a bullish SMAX score of 8, NTR.TO is still exhibiting strength against the asset classes for the moment.
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