SIACharts Logo

Commentary >

Meg Energy Corp. - (MEG.TO) - February 23, 2021 

MEG Energy* (MEG.TO) shares returned to the Green Favored Zone in the SIA S&P/TSX Composite Index Report back in December and have continued to climb up the rankings. In the last month, the shares have moved up 41 spots to 7th place, including a gain of 8 spots yesterday.

Building on a previous bullish Ascending Triangle breakout, MEG.TO shares staged a major breakout earlier this month snapping a long-term downtrend line. Since then, accumulation has continued and a new uptrend has continued to strengthen, particularly with the shares breaking out over $6.00 this week.

Next potential upside resistance appears in the $8.00 to $9.00 zone based on previous peaks based on the last high set in early 2020 and previous minor peaks dating back to 2018. Initial support moves up toward $6.00.

*Shares of MEG Energy are held in some portfolios managed by SIA Wealth Management.

Back in December, MEG Energy* (MEG.TO) shares snapped out of a downtrend, completed a bullish Spread Triple Top pattern to signal the start of a new uptrend. The shares then proceeded to consolidate for a few weeks, establishing their $4.30 previous resistance level as a new base of support, from which the current high pole advance launched. Earlier this month, the shares broke through $5.15, completing a bullish Double Top pattern, and have not looked back since, advancing toward $6.75.

Next potential upside resistance on trend appears near $7.30 based on a horizontal count and previous column high, then their January 2020 high near $8.10. Initial support appears near $6.10 based on a 3-box reversal.

With a perfect SMAX score of 10, MEG.TO is exhibiting near-term strength across the asset classes.

*Shares of MEG Energy are held in some portfolios managed by SIA Wealth Management.

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.

Related Posts

Keep up to date on the latest financial market news.

Receive a daily newsletter with stock highlights, ETF rankings, weekly market focus and others.