Back in October, asset manager Invesco (IVZ) returned to the Green Favored Zone of the SIA S&P 500 Index Report for the first time since 2013. Since then, the shares have continued to climb toward the top of the rankings, moving up 2 spots yesterday and 30 spots in the last month to 4th place.
Last fall, Invesco (IVZ) snapped out of a long-term downtrend and since then, the shares have continued to advance, recently staging another major breakout with a move up through the $20.00 round number which has since reversed polarity and become initial support.
Next potential upside resistance on trend may appear near the $25.00 round number, then $26.50 based on a measured move and then a test of previous resistance near the $30.00 level.
Since completing a bullish Spread Triple Bottom base back in October, Invesco (IVZ) shares have been under consistent accumulation, nearly doubling in a rally from $11.50 toward $22.00 with only one small 3-box correction along the way.
Next potential upside resistance tests appear near $23.45 based on a horizontal count, then the $25.00 round number and an old support level near $26.95. Initial support appears between $20.00 and $20.40 where a round number and a 2-box reversal converge.
With a perfect SMAX score of 10, IVZ is exhibiting near-term strength across the asset classes.
Disclaimer: SIACharts Inc. specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investors investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIACharts Inc. nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.
