Canfor Corp. - (CFP.TO) - April 8, 2021
Forest products producer Canfor (CFP.TO) has been climbing again within the Green Favored Zone of the SIA S&P/TSX Composite Index Report. Yesterday the shares finished in 25th place, up 15 spots on the day and up 28 spots over the last week.
A major breakout is underway in Canfor (CFP.TO) shares this week, clearing $29.00 to complete a normal consolidation phase and signal the start of a new upleg within the upward trend of higher lows that started a year ago.
Based on a combination of measured moves from the recent trading range and the bullish Ascending Triangle base the shares completed last autumn, the spring 2018 peak and a round number, next potential upside resistance appears in the $33.50 to $35.50 area. Initial support appears at the $28.00 breakout point, then the $25.00 round number.
The primary uptrend in Canfor (CFP.TO) shares which has been in place for the last year re-asserted itself yesterday as the shares broke out over $28.50, to complete a bullish Double Top pattern, end the common consolidation standoff of the last month and signal the start of a new upleg.
Based on vertical and horizontal counts, next potential upside resistance appears on trend near $32.25 then $35.00. Initial downside support appears near $26.45.
With a perfect SMAX score of 10, CFP.TO is exhibiting near-term strength across 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.