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

by SIACharts.com

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.

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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