Imperial Oil Ltd. - (IMO.TO) - August 24, 2022 (Daily Stock Report)

by SIACharts.com

 

 

Bouncing back from a summer slump down into the red zone, Imperial Oil (IMO.TO) has returned to the Green Favored Zone of the SIA S&P/TSX Composite Index Report for the first time in six weeks. With oil and gas producers attracting renewed interest, IMO.TO jumped 13 positions yesterday to 13th place.

Having established and confirmed support near $52.50, Imperial Oil (IMO.TO) appears to have come under renewed accumulation and resumed its primary uptrend following a correction. In the last few days, Imperial has regained its 50-day average, the $60.00 level, and broken out over $62.50, all combining to indicate that a new upswing is underway.

Currently, the shares are bumping up against $65.00 initial resistance with their next potential big test on trend at the previous peak near $72.50. Initial support moves up to the 50-day average near $59.00.

 

Back in July, a pullback in Imperial Oil (IMO.TO) shares was contained by previous support near $52.20. Since then, the shares have been attracting renewed interest and recently, the shares have started to advance once again. In recent weeks, IMO.TO has completed bullish Double Top and Spread Double Top breakouts, signaling the start of a new upswing.

Initial upside resistance tests appear at previous column highs near $68.90 and $73.10, along with $77.60 which is based on a horizontal count. Initial support appears near $60.00 where a round number and a 3-box reversal converge.

With its bullish SMAX score increasing to a perfect 10, IMO.TO is exhibiting strength across 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.

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