Today, we are going to look at Boardwalk REIT (BEI.UN.TO). The last time we commented on Boardwalk REIT (BEI.UN.TO) was two years ago on July 14, 2021. BEI.UN.TO entered the Favored Zone of the SIA S&P/TSX Composite Index Report early this year on Jan 26, 2023, at a price of $54.64. The shares have held in the Favored zone throughout this time period and now are at $67.78 representing a 24% increase in a less than 8 months time.
The shares currently occupy the #11 spot in the report. Boardwalk REIT is engaged in the acquisition, development, and management of residential multifamily properties in Alberta, Saskatchewan, Ontario and Quebec with the majority of its properties located in Alberta. In looking at the attached candlestick chart of BEI.UN.TO, we see the shares in a steady uptrend from November 2020 until peaking in March of 2022 when the interest rate tightening cycle began. The shares however, had found its footing later that year in July of 2022 at approximately the $40.00 area. Since then, the BEI.UN.TO has re-established an uptrend with a consistent pattern of higher highs and higher lows with a golden cross materializing in December of last year. The shares are now in uncharted waters as Boardwalk broke above its all-time high of $59.00 back in March of this year. Next resistance is the recent high of $69.00 while support can be found at its 50-Day MA of $64.82, which it has successfully tested twice earlier this summer.
In the attached point and figure chart at a 2% scale, we see the shares has seen a very strong uptrend since March of 2020 all the way to April 2022, then a brief downtrend ensued until July of 2022. Since then, the shares re-established its uptrend all the way to today. Currently, BEI.UN.TO is exhibiting a bullish Double Top pattern. Near term support can be found at $62.74 and, below this, at $57.96. To the upside, resistance is at $69.26 and above that, at $74.97 based on a measured move. With a perfect SMAX score of 10, BEI.UN.TO is exhibiting near-term strength against all the asset classes.
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