Tourmaline Oil Corp. - (TOU.TO) - May 5, 2021
Tourmaline Oil* (TOU.TO) continues to climb within the Green Favored Zone of the SIA S&P/TSX Composite Index Report. Yesterday the shares moved up 4 spots to 6th place, and they have climbed 11 places in the last week.
This five-year weekly chart highlights the strength of the current recovery trend in Tourmaline Oil* (TOU.TO) shares. Since snapping out of a long-term downtrend in the spring of 2020, the shares have been steadily advancing, establishing a steady uptrend of higher lows. This week, the shares have broken out over $27.00, to their highest level since early 2017, completing another bullish Ascending Triangle pattern and signaling the start of a new upleg.
Next potential upside resistance tests on trend appear near the $30.00 round number, $32.00 based on a measured move from the recently completed triangle, and then the 2016 peaks located between $35.00 and $36.50. Initial support moves up to the $27.00 breakout point from the $25.00 round number. .
*Shares of Tourmaline Oil are held in some portfolios managed by SIA Wealth Management.
Another big breakout is underway this week in Tourmaline Oil* (TOU.TO) shares. The shares rallying up through $26.35 has completed another bullish Double Top pattern, signaling the start of a new upleg within an upward trend which started about a year ago.
A horizontal count from the Double Top suggests initial potential upside resistance near $32.75, followed by the $34.75 to $35.45 area where the $35.00 round number and previous highs congregate, and then $36.90 based on a vertical count. Initial support appears near $25.85 based on a 3-box reversal and a retest of the most recent breakout point.
With a perfect SMAX score of 10, TOU.TO is exhibiting near-term strength across the asset classes. *Shares of Tourmaline Oil are held in some portfolios managed by SIA Wealth Management.
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