SIA Chartsā relative strength rankings help investors identify opportunities in stocks which are outperforming their peers or index benchmarks on a relative basis.
We last mentioned alternative lender GoEasy* (GSY.TO) in the May 1 edition of the Daily Stock Report. Since then, the shares have continue to climb in price and also within the Green Favored Zone of the SIA S&P/TSX Composite Index Report. GoEasy is currently in 10th place, up 7 spots in the last month.
Since May 1, GSY.TO is up 7.9%, while the S&P/TSX Composite Index is up 1.3%. Since entering the Green Favored Zone on November 9th, GoEasy is up 50.6%, compared with a 12.3% gain for the Index over the same time period.
*Shares of GoEasy are held in portfolios managed by SIA Wealth Management Candlestick Chart Gaps Upward. Since October of last year, GoEasy (GSY.TO) shares have been under accumulation. Following an initial rally, the shares have been consistently climbing, continuing an upward trend of higher highs and higher lows. In the last two weeks, the shares have attracted additional interest from investors, climbing on an uptick in volumes.
Two weeks ago, the shares successfully retested support at their 10-week moving average near $177.00 and last week, they gapped upward, clearing $190.00 for the first time since late 2021, confirming their upward trend continues.
Potential resistance appears at the October 2021 peak near the $200.00 round number. After that, a measured moved suggests potential resistance may appear near $210.00 on trend.
*Shares of GoEasy are held in portfolios managed by SIA Wealth Management
Point and Figure Chart Breaks Out. GoEasy* (GSY.TO) has been under accumulation for over a year now, advancing through a series of rallies followed by periods of consolidation at higher levels. Last week, the shares called off another correction and broke out to a new 52-week high, completing a bullish Double Top pattern and signaling the start of a new uptrend.
In addition to the approaching $200.00 round number, vertical and horizontal counts suggest potential upside resistance tests may appear near $195.70, $209.80, or $214.00 on trend. Initial support appears near $184.35 based on a 3-box reversal.
With a perfect SMAX score (which is a near-term 1 to 90-day indicator comparing an asset against different equal-weight asset classes) of 10 out of 10, GSY.TO is exhibiting short-term strength across the asset classes.
*Shares of GoEasy are held in portfolios managed by SIA Wealth Management
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