Shares of Nutrien (NTR.TO) continue to be on our watch list as they once again flirt with the $80 resistance level, which has been in place since early 2023. Within the SIA S&P/TSX 60 Index Report, Nutrien has climbed to position #31 on the relative strength matrix — just one spot below the neutral yellow zone — after a failed attempt to enter that zone back in February 2025. Year-to-date, the stock is up 23.55%, with 10.81% of that gain occurring in the past month alone. The attached Point and Figure chart, scaled at 2% for an investment-grade reading, highlights the years-long resistance at $80. While typical SIA methodology waits for relative strength confirmation in the green zone, any close above $80 may serve as an early warning that selling is subsiding and buyers could be gaining conviction. A breakout would open the door to the next visible resistance zone, marked between $85.00 and $86.70 on the P&F chart. By way of support, we are highlighting $72.55 and $68.37 as important hold levels.
Nutrien currently holds a SMAX score of 9 out of 10, indicating strong near-term performance across multiple asset classes — a possible tailwind for continuation above resistance. Looking at the broader TSX 60 relative strength rankings, Nutrien stands out alongside only a few other improving names such as Gildan Activewear (GIL.TO), Suncor Energy (SU.TO), and Telus (T.TO). The rest of the bottom-ranked group continues to show poor technical conditions, which further supports our thesis of focusing on improving relative strength names. While we aren’t actively sourcing ideas from this lower tier, we flag names like Nutrien as ones to monitor closely — not because they are outright leaders, but because they represent the "best of the worst," and may be early in a trend reversal.
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