Canadian Tire Corp. - (CTC.A.TO) - April 19, 2021
Canadian Tire* (CTC.A.TO) recently returned to the Green Favored Zone of the SIA S&P/TSX 60 Index Report from a short and shallow dip into the yellow zone.
Last week’s major breakout through the top of a $160-$180 channel to a new all-time high, not only signals the start of a new upleg, it continues a trend of positive technical signals that have emerged over the last year including breaking through its 50-day average a year ago, snapping a downtrend last October, then clearing $160 to claw back all its bear market losses and retesting it as new support between November and now.
Based on measured moves from the shares’ recent trading range next potential upside resistance appears near the $200 round number, followed by $220. Initial support appears near the $180 breakout point.
*Shares of Canadian Tire are held in some portfolios managed by SIA Wealth Management.
Earlier this month, Canadian Tire* (CTC.A.TO) shares ended a consolidation phase with a major breakout to a new all-time high, which completed a bullish Triple Top pattern and signaled the start of a new advance.
Some initial resistance may appear near the $200.00 round number, but after that on trend, vertical and horizontal counts suggest potential upside tests near $219.85, $233.30, $242.75 and $257.50. Initial support appears near $176.80 based on a 3-box reversal.
With a bullish SMAX score of 8, CTC.A.TO is exhibiting near-term strength against the asset classes.
*Shares of Canadian Tire are held in some portfolios managed by SIA Wealth Management.
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