Gildan Activewear Inc. - (GIL.TO) - April 13, 2021
Athletic clothing producer Gildan Activewear* (GIL.TO) has been in the Green Favored Zone of the SIA S&P/TSX 60 Index Report since August. Yesterday it climbed 3 spots to 7th place.
Since bottoming out a year ago, shares have been under accumulation, steadily
advancing in a rising channel of higher highs and higher lows. The shares recently confirmed this uptrend continues by staging a major breakout over $40.00, a key round number which has acted as both support and resistance over the last three years.
Initial upside resistance appears near $45.00 based on a measured move from a recent trading range, followed by the $50.00 to $52.50 area between a round number and the shares mid-2019 peak. Initial support appears near the $40.00 breakout point, followed by $37.50.
*Shares of Gildan Activewear are held in portfolios managed by SIA Wealth Management.
A steady stream of positive pattern completions including bullish Double Top, Spread Double Top, and Triple Top breakouts, including one this month over $40.00, indicate the strength of underlying accumulation in Gildan Activewear* (GIL.TO) shares.
Next potential upside resistance appears near $45.25 based on a horizontal count, $48.95 based on a vertical count, the $50.00 round number, and the previous peak near $51.95. Initial support appears near $37.85 based on a 3-box reversal.
With a perfect SMAX score of 10, GIL.TO is exhibiting near-term strength across the asset classes. *Shares of Gildan Activewear are held in portfolios managed by SIA Wealth Management.
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