Newell Rubbermaid Inc. - (NWL) - January 25, 2021
Household products producer Newell Rubbermaid (NWL) continues to climb within the Green Favored Zone of the SIA S&P 500 Index Report. Currently sitting in 40th place, NWL climbed 6 spots on Friday and is up 47 spots in the last month.
A classic recovery breakout is underway in Newell Rubbermaid (NWL) shares. Since bottoming out with a bounce up off of the $10.00 level, the shares have been under renewed accumulation. First the shares broke out of a falling channel. More recently, the shares have staged a textbook breakout over $20.00 a round number and long-term support resistance level, which completed a bullish Ascending Triangle pattern. The shares then retested $20.00 as new support, a classic confirmation and then exploded to the upside taking a run at $25.00 over the last week.
Based on measured moves, initial upside resistance may appear in the $28.00 to $30.00 range, followed by the $35.00 round number and $38.00 where previous resistance and another measured move converge. Initial support has moved up to $22.00 from $20.00 both recent breakout points.
Newell Rubbermaid (NWL) shares have been trending upward since May, but accumulation has accelerated in earnest since October. In the last three months, the shares have snapped out of a downtrend, rallied to their highest levels since 2018 and completed two bullish Double Top breakouts.
Next potential upside resistance tests on trend appear near $28.85 based on a vertical count, the $30.00 round number, and then $34.45 based on a horizontal count. Initial support appears near $22.75 based on a 3-box reversal.
With a perfect SMAX score of 10, NWL is exhibiting near-term strength across the asset classes.
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