CCL Industries Inc. - (CCL.B.TO) - March 6, 2024 (Daily Stock Report)


Packaging producer CCL Industries (CCL.B.TO) had been stuck in the red zone of the SIA S&P/TSX 60 Index Report since November of 2022. Back in November, CCL.B was almost at rock bottom in the rankings but since then, it has been working its way back upward.

In the last month, CCL.B has moved up 24 spots to 30th place. With a gain of one position yesterday, the shares have left the red zone and moved up into the Yellow Neutral Zone for the first time in 17 months. Back in 2020-21, CCL Industries (CCL.B.TO) shares staged a year long rally up out of the market bottom. For the three years since then, CCL.B.TO has been stuck in a sideways trading range between $55.00 and $70.00. Toward the end of last year, the shares successfully retested $55.00 support and then hung around the $60.00 level for a few weeks.

Two weeks ago, CCL.B.TO staged a big rally, breaking out over $62.00 and taking a run at $70.00 resistance. A rally to a new high above there would signal the start of a new advance. Should that occur, next potential resistance could appear near $85.00 based on a measured move from the current range. Initial support appears at the recent breakout point near $62.00.

Since 2021, CCL Industries (CCL.B.TO) shares have been stuck in a sideways trading range between $50.00 and $70.00. Back in November, the shares successfully retested support at the low end of the range and started to bounce back. Accumulation picked up through February with the shares staging bullish Double Top and Sread Double Top breakouts. Into March, CCL.B.TO has started to bump up against the top of its range.

A close above $71.00 would complete a pending spread triple top pattern and signal the start of a new uptrend. Should that occur, a horizontal count suggests next potential resistance may appear near $83.20. Initial support in a pullback appears near $64.30 based on a 3-box reversal.

With a bullish SMAX score (which is a near-term 1 to 90-day indicator comparing an asset against different equal-weight asset classes) of 7 out of 10, CCL.B is exhibiting short-term strength against the asset classes.



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