Insurance giant Manulife Financial (MFC.TO) spent most of the last two years bouncing around between the red and yellow zones of the SIA S&P/TSX Composite Index Report. It started to steadily climb back up the rankings again in October and yesterday it returned to the Green Favored Zone for the first time since May of 2021. After moving up 9 positions yesterday MFC.TO is currently sitting in 53rd place, up 34 spots in the last month.
Manulife Financial (MFC.TO) shares staged a major breakout yesterday, driving to a new all-time high on a spike in volume, supported by a positive earnings report. The shares launched up off of a base that was established near $21.50 last year and since then, a new uptrend of higher lows has emerged, which was confirmed by a Golden Cross of the 50-day average over the 200-day average.
Measured moves and a round number suggest potential resistance may emerge in the $29.50 to $31.00 area. Initial trend support appears near $25.50.
After selling off in the spring of 2022 Manulife Financial (MFC.TO) established a base near $20.80 through the second half of last year, bottoming out in a July Bear Trap. A bullish Double Top breakout in December signaled the start of a new advance which has extended into a bullish High Pole, completing additional Spread Double Top breakouts along the way. This month, the shares have broken out to a new all-time high, confirming accumulation continues.
Horizontal and vertical counts suggest potential resistance near $29.20 and $30.35, around the $30.00 round number. Initial support appears near $24.90 based on a 3-box reversal and a retest of the $25.00 round number.
With a perfect SMAX score of 10, MFC.TO is exhibiting 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.
