Westshore Terminals Investment Corp. - (WTE.TO) - April 11, 2023 (Daily Stock Report)

by SIACharts.com

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.

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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