SIA Chartsā relative strength rankings help investors identify opportunities in stocks which are outperforming their peers or index benchmarks on a relative basis.
Alternative lender GoEasy (GWY.TO) quickly moved up the rankings in the SIA S&P/TSX Composite Index report, moving up from the red zone to the Green Favored Zone over a few weeks. Since November it has been in the Green Favored Zone and it continues to climb toward the top of the table. Yesterday, GSY.TO finished in 6th place up 14 spots in the last month.
Since entering the Green Favored Zone back in November, GSY.TO is up 60.0%, while the S&P/TSX Composite Index is up 13.4%.
GoEasy* (GSY.TO) shares have been under accumulation for over a year now. After breaking out of a base last fall, they staged an initial breakout rally. Following that, GSY.TO has remained under accumulation, advancing in a Rising Channel of higher highs and higher lows. This week, the shares have broken through $200.00 to a new high, indicating that accumulation has accelerated once again. Measured moves suggest next potential resistance may emerge in the $240.00-$250.00 range with initial support near $190.00 a recent breakout point.
*Shares of GoEasy are held in portfolios managed by SIA Wealth Management
Following a selloff and a year long period of base building, GoEasy* (GSY.TO) shares launched into a new uptrend with a breakout last October. Following an initial rally, the shares continued to advance with a series of higher lows and bullish pattern completions indicating consistent accumulation.
This month, GSY.TO has broken out to a new all-time high, indicating continued investor interest. Next potential upside resistance appears near $220.80, $234.40 and $248.65 based on vertical and horizontal counts. Initial support appears near $188.45 based on a 3-box reversal.
With its perfect bullish 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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