Nutrien Ltd. - (NTR.TO) - January 13, 2021
Fertilizer producer Nutrien (NTR.TO) returned to the Green Favored Zone of the SIA S&P/TSX 60 Index report for the first time in two years last month and continues to hold steady in that range. Yesterday it moved up one spot to 12th place.
This long-term weekly chart highlights the significance of the current advance in Nutrien (NTR.TO) shares. The recent rally up through $67.50 has not only carried the shares to their highest level in over five years, but it also has snapped a long-term downtrend line dating back to the 2008 peak, confirming that the tide has turned positive and a new uptrend is underway.
Initial upside resistance appears near $80.00 where a long-term support/resistance line and a measured move converge, followed by a previous high near $92.00 and then a measured $95.00 on trend. Initial support appears in the $60.00 to $64.00 area.
Nutrien (NTR.TO) staged a major breakout yesterday, clearing $68.20, a resistance level which had been in place for over two years. This signals the start of a new upleg and confirms previous bullish Triple Top and Double Top breakouts remain active.
Next potential upside resistance tests on trend appears near $76.80, $81.50 and $88.25 on trend based on vertical and horizontal counts. Initial support appears near $63.01 based on a 3-box reversal.
With a bullish SMAX score of 8, NTR.TO is exhibiting near-term strength against the asset classes.
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