Payments technology provider Nuvei Corp. (NVEI.TO) has been on fire since reporting earnings earlier this week, gaining 6.6% yesterday and 23.3% over the last week. Since joining the SIA S&P/TSX Composite Index Report in December, the shares have been climbing the rankings moving from the red zone to the Green Favored Zone. Yesterday NVEI jumped 47 spots to 20th place.
Nuvei Corp. (NVEI.TO) shares bottomed out back in December and first started to show signs of renewed accumulation in January, when the snapped a downtrend line and regained their 50-day moving average on volume. This week, accumulation has accelerated again with the shares smashing through $50.00 with a breakaway gap on a volume spike, completing a base and a bullish Ascending Triangle pattern to signal the start of a new uptrend with a golden cross confirmation pending. A measured move from the triangle base suggests potential resistance near $67.50, which aligns with a previous peak back in May. Initial support appears at the $50.00 round number breakout point.
A year-long downtrend in Nuvei Corp. (NVEI.TO) shares slowed last fall, then finally bottomed out back in December with a final flush likely related to tax-loss selling. Since the start of this year, the shares have been under renewed accumulation, completing a Bullish Catapult of two Double Top breakouts with a moderate correction in between, with the current advance extending into a bullish High Pole.
Potential upside resistance tests on trend appear near $59.45, based on a horizontal count, a previous column high near $68.30, and then $73.90 where a downtrend line and a vertical count converge. Initial support appears near $48.75 based on a 3-box reversal.
With a perfect SMAX score of 10, NVEI.TO is exhibiting strength across the asset classes.
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