Celestica Inc. - (CLS.TO) - January 13, 2023 (Daily Stock Report)

by SIACharts.com

Back in October, electronics manufacturer Celestica (CLS.TO) returned to the Green Favored Zone of the SIA S&P/TSX Composite Index Report, ending a six-month absence and rebounding from a short dip into the red zone. Since then, the shares are up 12.3%. Yesterday, CLS.TO climbed 4 spots to 13th place.

A major breakout is underway in Celestica (CLS.TO) shares. CLS.TO spent most of 2022 trending sideways between $11.50 and $16.00. Back in October, a successful retest of channel support and a bullish Morning Star (black circle) candlestick pattern suggested a downswing was ending and since then, Celestica has been under renewed accumulation.

This week the shares have blasted through the $16.00 channel top to a three-plus-year high, signaling the start of a new upleg. Based on measured moves, next potential resistance appears between the $20.00 round number and $21.00. Initial support moves up to the $16.00 breakout point.

After spending most of last year under distribution, Celestica (CLS.TO) shares turned it around in October and have been under renewed accumulation. Late last year, the shares completed a bullish Double Top breakout, and so far this year, they have extended their bullish High Pole advance, clearing their February 2022 peak and climbing to multi-year highs.

Horizontal and vertical counts suggest potential resistance tests may emerge on trend near $18.25, $19.00, or $19.80. Initial support appears near $15.60 based on a 3-box reversal.

With a perfect SMAX score of 10, CLS.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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