Heavy equipment distributor Finning International (FTT.TO) made a big move up the rankings in the SIA S&P/TSX Composite Index Report between October and December. This year. FTT.TO has been swinging back and forth between the Green Favored Zone and the yellow zone. In recent weeks, it has been on an upswing, climbing 51 spots in the last month to 37th place.
Back in September, a successful retest of support near $23.50 brought a downtrend in Finning International (FTT.TO) shares to an end. Since then, the shares have been under renewed accumulation, breaking out over $30.00 in November, completing a bullish Golden Cross in December, and establishing a higher low near $32.00 in March.
Currently, FTT.TO is bumping up against $39.00, a resistance level that has been in place for nearly two years. A breakout there to a new high would signal the start of a new uptrend. Should that occur, measured moves suggest potential resistance near $45.00 and $53.50 on trend in addition to the $40.00 and $50.00 round number. Initial support appears near $36.00 and then the 50-day average closer to $35.00.
This 1% chart highlights the significance of the recent breakout in Finning International (FTT.TO) shares. The current uptrend started back in September with an initial rally that lasted through to February. A March correction bottomed out at a higher low and May bullish Spread Triple Top breakout signaled that the underlying uptrend had resumed.
Yesterday, FTT.TO broke through its February peak to a new all-time high and it is close to a breakout on the 2% chart as well. In addition to the Spread Triple Top breakout, Finning has also completed two bullish Spread Double Top breakouts in the current advance. Next potential upside resistance appears near $40.30 based on a horizontal count, and then $45.90 based on a vertical count. Initial support appears near $37.60 based on a 3-box reversal. With a perfect SMAX score of 10, FTT.TO is exhibiting strength across the asset classes.
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