WSP Global Inc. - (WSP.TO) - May 29, 2023 (Daily Stock Report)

by SIACharts.com

For the last six months, engineering consulting provider WSP Global* (WSP.TO) has been bouncing along the boundary of the yellow zone and the Green Favored Zone of the SIA S&P/TSX Composite Report, finishing Friday in 52nd position. In the SIA S&P/TSX 60 Index Report, WSP.TO is in 5th place after climbing 2 spots on Friday. Since bottoming out a year ago, WSP Global* (WSP.TO) shares have been steadily climbing in a Rising Channel of higher highs and higher lows. Uptrend line support has successfully been tested several times, most recently earlier this month when the shares bounced up off of $165.00 support. Currently, WSP.TO is approaching resistance in the $183.00 to $185.00 zone near its 2021 peak. A break through there would confirm the start of a new upleg which may then face resistance near $190.00 based on a measured move, or the $200.00 round number.

* WSP Global is held in some portfolios managed by SIA Wealth Management.

About a year ago, a correction in WSP Global* (WSP.TO) shares bottomed out and since then, they have been clawing back lost ground. A new uptrend of higher lows has emerged and the shares have completed a series of bullish patterns, most recently, a Double Top breakout back in February that has extended into a bullish High Pole.

The shares are approaching their previous peak near $187.25 where a breakout to a new high would confirm that the shares long-term uptrend has resumed. Should that occur, next potential resistance may appear near $198.70 based on a vertical count, then the $200.00 round number. Initial support appears near $166.25 based on a 3-box reversal.

With a perfect SMAX score of 10, WSP.TO is exhibiting strength across the asset classes.

* WSP Global is held in some portfolios managed by SIA Wealth Management.

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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