AltaGas Ltd. owns and operates a diversified basket of energy infrastructure businesses. Its business is conducted in four segments: Midstream, power, utilities and corporate. AltaGas Ltd. (ALA.TO) has moved up in the SIA TSX Composite Index Report on the edge of the Neutral zone in the 61st position needing just 4 more spots upwards to move into the Favored zone. Altagas has moved up 6 positions in the last week, 46 spots in the last month, and 88 spots in the last quarter. Overall, from the strength within its peer group in the Utility sector, it has a Favorable SIA Rank score of 78.5% (higher numbers being better and representing that ALA.TO ranks higher than 78.5% of companies it is being compared against).
In analyzing the Candlestick Chart, we see the shares have been in a steady uptrend since the market bottom back in March of 2023. It had its biggest move at the end of July after reporting its Q2 results where the first half of 2023 was in line with expectations and the second quarter was impacted by wildfires and ship timing impacts. A golden cross occurred a month prior to this on June 28th where the 50 day moving average moved above the 200 day moving average. The recent candlestick chart pattern of a bullish harami was triggered suggesting that a bearish trend may be coming to an end in the near-term.
Looking at a point and figure chart at a 2% scale, we see a bullish triple top chart pattern has emerged in July. This move in light of its recent Q2 results and forecast has Altagas Ltd. (ALA.TO) moving towards its first resistance level at $26.93. Further major resistance above can be found in the area around $28.6 - $29.1 which is the highs from early 2022 and also represent the highs from back in 2015. To the downside, support is at the 3 box reversal level at $23.92. Below this, further support can be found at $22.54 and at $21.24, which is around the lows from April of this year.
With an SMAX of 9 out of 10, ALA.TO is exhibiting near-term strength against all the asset classes.
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