Earlier this month Nutrien Ltd. (NTR.TO) shares moved into the yellow neutral zone combined with a negative SMAX score of 4 producing a sell signal when following the SIACharts methodology. As of yesterday's close NTR.TO has moved down 76 spots over the rolling quarter, and 43 spots over the past month within the TSX Capped Composite Index Report.
After an 8 month run within the green favored zone which produced approximate returns of 36.36% Nutrien is now in a solid downtrend after peaking on April 18, 2022 at a price of $147.93. Since then shares have been making lower highs and lower lows heading back down towards the weekly trendline drawn from the COVID lows of March 16th, 2020.
Initial upside resistance appears at $119.50 where price held three times before breaking to the downside. Above that is $133.50. Support comes in initially at $96.25 where a strong daily rally broke out from on Feb 24, 2022 and below that $85.00 where the rally was initiated.
In the middle of May, 2022 Nutrien Ltd. (NTR.TO) shares were consolidating after a large 40% increase from January 18th - March 10th. However after reaching a slightly higher peak on April 18th the shares started to slide downwards completing a powerful bearish spread double bottom breakout on June 6th,
Currently initial resistance appears near $114.18 based on a 3-box reversal. and above that at $133.78. Support comes in down at the prior double top breakout after of $95.54 and below that at the $85.00 round number.
With a bearish SMAX score of 4, NTR.TO is no longer exhibiting strength against 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.
