BC coal port operator Westshore Terminals (WTE.TO) has been climbing up the rankings in the SIA S&P/TSX Composite Index Report since bottoming out in the red zone back in December. In March, it returned to the Green Favored Zone for the first time since September and it has remained there since. Yesterday, WTE.TO climbed 3 sots to 45th place and it is up 71 positions in the last months.
Between October and March, a large saucer bottom base formed in Westshore Terminals (WTE.TO) shares with the bottom being signaled by a hammer followed by a big upward reversal on a large spike in volume. Since then, the shares have been under renewed accumulation with a new uptrend of higher lows emerging and the shares snapping a previous downtrend line. Last month, a breakout over $25.50 completed a bullish Ascending Triangle base and since then, WTE.TO has not looked back, closing above $27.50 yesterday for the first time since October.
A measured move from the triangle suggests the potential for initial resistance near the $30.00 round number followed by a previous peak near $32.50 and then the $34.50 to $35.00 area. Initial support appears near the $25.50 breakout point.
The recovery trend in Westshore Terminals (WTE.TO), which started back in December, continues to accelerate. Last month, the shares completed a bullish Triple Top breakout, and following a small 3-box correction, the shares have broken out to their highest level since October, snapping a downtrend line and completing both a bullish Spread Triple Top pattern and a Bullish Catapult.
A combination of previous column highs/lows with vertical/horizontal counts suggests potential resistance near $29.15, $29.75, and $30.95 on trend. Initial support appears near $26.65 where a 3-box reversal and a retest of the recent breakout point converge.
With a bullish SMAX score of 7, WTE.TO is exhibiting strength against the asset classes.
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