Tourmaline Oil (TOU.TO) has been working its way back up the rankings in the SIA S&P/TSX Composite Index Report since March. It exited the red zone in late May and yesterday it returned to the Green Favored Zone for the first time since January. Yesterday, TOU.TO finished in 52nd place, up 4 spots on the day and up 51 positions in the last month. A major breakout is underway in Tourmaline Oil (TOU.TO) shares. This month, TOU.TO has completed a bullish Ascending Triangle base with a breakout over $61.50. Yesterday’s rally, which has carried the shares to their highest level since January confirms that a new recovery trend has started.
A measured move from the triangle suggests initial potential resistance near $71.50, followed by the late-2022 peak near $77.50. Initial support appears near $60.00.
A winter selloff in Tourmaline Oil (TOU.TO) ran its course and bottomed out in April. Since then, the shares have been steadily recovering, establishing a higher low in June. This month, the shares have broken out, completing a bullish Double Top breakout and a Bullish Catapult, signaling the start of a new advance.
Potential upside resistance tests appear near $72.65 based on a vertical count, $77.10 near the late-2022 highs and $81.80 based on a horizontal count. Initial support appears near $59.60 based on a 3-box reversal.
With a bearish SMAX score of 5, which is unchanged since May, TOU.TO has been exhibiting weakness against the asset classes. The shares have gained 15.0% in the last week.
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.
