GILDAN ACTIVEWEAR INC - (GIL.TO) - December 21, 2020
Gildan Activewear (GIL.TO) has stayed in the top decile of the SIA S&P/TSX 60 Report rising from $27.11 when it entered the Favored zone in late August to where it sits today at $35.79. Gildan currently sits in 5th place in the SIA S&P/TSX 60 Index Report near the top of the Green Favored Zone.
Since bottoming out back in March, Gildan Activewear (GIL.TO) has been under steady accumulation, climbing in a step pattern of rallies followed by consolidation at higher levels, completing a series of bullish Ascending Triangle breakouts. It is currently in a Bullish Engulfing signal consolidating between $33 and $36.
Next potential resistance on trend appears around $36 and above this just under $40. Support is at the bottom of this consolidation around $33. number and an old support level converge. GIL.TO is above both the 50-day and the
200-day simple moving average.
We highlighted Gildan Activewear (GIL.TO) in early October when it was trading at $27.92, and since then, it has continued in the Double Top chart pattern in a column of X's to where it is currently trading at around $35.79. It has now moved up to the resistance highlighted at $37.11, which is also in line with the downwards trend line started from its prior high in 2019.
Further resistance can be found around the $40 level should it continue its upwards trend, which held 3 different times in 2017-2018 as resistance. To the downside, support can be found at $32.95 and below this at $30.44. With a perfect SMAX score of 10, GIL.TO is exhibiting near-term strength across the asset classes.
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