Constellation Software Inc - (CSU.TO) - May 16, 2023 (Daily Stock Report)


We last looked at Constellation Software Inc (CSU.TO) back on the February 3rd, 2023 edition of the Daily Stock Report. Today we see the shares have remained very strong since the shares entered the Favored zone on Feb 1st a few days prior to our last commentary of the shares.

With the price as of yesterday’s close at $2630.12 and a price of $2373.06 since entering the favored zone we have seen a price appreciation of almost 11%. Currently the shares occupy the #4 spot in the SIA S&P/TSX 60 index, up 1 spot in the last quarter.

In looking at the attached Candlestick chart, we see that the shares found support twice in the $1800.00 area back in June and October of last year. In March of this year, the shares subsequently broke above its previous resistance level at the $2300 area and a new upleg ensued marching onto new all-time highs. A mild pullback has materialized with the shares approaching its 50 Day Moving Average as a potential support level. It will be interesting to see moving forward if the shares can find near term support and retest its recent highs of approximately $2800 which will be the shares near term resistance level.

In the attached Point and Figure Chart at a 2% Scale, we see the share’s strong rally starting in December of last year which lasted a total of 21 rows of X’s before a pullback ensued of 3 O’s. The shares are currently at its support level of $ 2512.56 based on this 3 box reversal. Below that, the next level of support is at the $2275.70 area. To the upside, resistance can be found at its recent high of $2774.07 and, above that, the $3002 level based on a measured move. With a perfect SMAX of 10, the shares are still exhibiting near term strength against the asset classes.

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