Corus Entertainment Inc. - (CJR.B.TO) - January 19, 2021
Corus Entertainment (CJR.B.TO) is once again on the rise within the Green Favored Zone of the SIA S&P/TSX Composite Index Report. Yesterday the shares moved up 2 spots to 20th place and are up 12 places in the last month.
A major breakout is underway in Corus Entertainment (CJR.B.TO) shares. A three-year downtrend bottomed out back in March of 2020 and since then the shares have been turning increasingly upward. In the latter part of 2020, the shares completed a bullish Ascending Triangle base with a breakout over $4.00. Following a successful retest of the $4.00 breakout point as new support, the shares have accelerated upward, recently snapping a long-term downtrend line to confirm that a new uptrend has commenced.
Initial resistance may appear near the $5.00 round number, followed b $5.50, $6.25 and $7.25 on trend based on previous upswing highs. Initial support has moved up toward $4.35, a recent breakout point, from $4.00.
Since completing a higher low back in September, Corus Entertainment (CJR.B.TO) shares haven’t looked back, driving up from near $2.75 toward $5.00 without even a 3-box correction, completing bullish Double Top and Spread Double Top breakouts along the way. This month, the shares have snapped a long-term downtrend line, confirming that a new uptrend is underway.
The shares are currently approaching the $5.00 round number with next potential upside resistance on trend near $5.65 based on a horizontal count and then $6.10, based on previous column highs. Initial support appears near $4.55 based on a 3-box reversal.
With a perfect SMAX score of 10, CJR.B.TO is exhibiting near-term 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.