Canada’s Equitable Group (EQB.TO), better known as EQ Bank, started its rise up the relative strength rankings in the SIA S&P/TSX Composite Index Report back in November, and by March, it had returned to the Green Favored Zone for the first time since late 2021. The shares had a setback when sentiment turned against the banking sector in March, but this month it has been climbing once again and yesterday EQB.TO returned to the Green Favored Zone. The shares are currently in 57th place, after climbing 5 spots yesterday and 92 positions in the last month. Equitable Group (EQB.TO) has resumed its recovery trend following a March sector setback in banking stocks, and currently appears close to breaking out of a previous downtrend. The shares started to recover back in November and rallied into early March, completing a bullish Golden Cross along the way. The March selloff bottomed out near the 200-day moving average and established a higher low near $55.00 in late March.
For the last two months, EQB.TO has been under accumulation, steadily advancing in a Rising Channel of higher highs and higher lows. A breakout over the March peak near $70.00 would confirm the start of a new advance with next potential resistance in the $75.00 to $77.50 zone, then closer to $82.50 based on previous highs. Initial support appears at the 50-day average near $61.00.
The 1% chart highlights the current rebound in Equitable Group (EQB.TO) shares. Since a March downswing bottomed out at a higher low, accumulation has resumed with the shares recently completing a bullish Double Top breakout.
Currently, EQB.TO is approaching resistance at its February high near $69.20, where a breakout would confirm that the larger recovery trend is back underway. Should that occur, previous column highs suggest potential upside resistance near $75.70 and $81.15 on trend. Initial support appears near $63.90 based on a 3-box reversal.
With a bullish SMAX score of 9, EQB.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.
