With the exception of two short dips into the yellow zone, Prairiesky Royalty* (PSK.TO) has been in the Green Favored Zone of the SIA S&P/TSX Composite Index Report since the start of 2022. Over that time, PSK.TO has returned 63.3%. With crude oil and natural gas prices bounding back recently, Energy stocks have been attracting renewed interest and PSK.TO is the highest ranked Energy stock in this report currently sitting in 6th place, up 12 positions in the last month. This five-year weekly chart highlights the strength of the ongoing recovery trend in Prairiesky Royalty* (PSK.TO) shares. Since bottoming out in 2020, PSK.TO has been under accumulation, steadily advancing in a Rising Channel of higher highs and higher lows. Since completing a bullish Golden Cross in early 2022, the shares have consistently been supported above their 50-day moving average.
The shares recently regained $25.00 and continue to climb. Next potential resistance appears at the 2018 peak near $29.50, then $33.50 based on a measured move from a previous trading range. Initial support appears near the $25.00 round number, then a recent low near $22.50.
*Shares of Prairiesky Royalty are held in portfolios managed by SIA Wealth Management.
Since late 2020, Prairiesky Royalty* (PSK.TO) shares have been under consistent accumulation, steadily advancing in a step pattern of rallies followed by consolidation at higher levels. So far this year, a High Pole rally has been followed by a Symmetrical Consolidation Triangle, and recently another rally phase. Building on bullish Double Top and Spread DoubleTop breakouts, PSK.TO has recently advanced to its highest level since the spring of 2018.
Upside resistance may initially emerge near $29.40 where a horizontal count and the 2018 peak converge, followed by $31.20 based on a vertical count. Initial support appears near $21.65 based on a 3-box reversal.
With a perfect SMAX score of 10, PSK.TO is exhibiting strength across the asset classes.
*Shares of Prairiesky Royalty are held in portfolios managed by SIA Wealth Management.
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