Auto parts producer Magna International (MG.TO) continues to climb within the Green Favored Zone of the SIA S&P/TSX 60 Index report. The shares rose another 2 spots on Friday to 6th place and have moved up 12 spots in the last month.
A bullish breakaway gap and a breakout over $75.00 for the first time since the summer of 2018 has signaled the start of a new upleg for Magna International (MG.TO) shares. Initial resistance may appear at the June 2018 peak near $80.00, followed on trend by $85.00 and then $90.00 based on measured moves from previous trading ranges. Initial support appears near the $70.00 round number then trend support near $66.00.
Magna International (MG.TO) shares have been steadily trending upward since March, with a series of bullish pattern breakouts and higher column lows indicating steady underlying interest and support from investors. Last week, the shares rallied up off of another higher low and completed a bullish Double Top breakout, signaling the start of a new upleg within a larger upward trend.
Initial upside resistance appears at the previous peak, which dates back to June 2018, near $80.85, followed by $92.90 which is based on a vertical count. Initial support appears near $69.00 based on a 3-box reversal.
With a bullish SMAX score of 6, MG.TO is exhibiting near-term strength against the asset classes.
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