SIACharts Logo

Commentary >

Dream Office REIT - (D.UN.TO) - June 22, 2021 

Dream Office REIT (D.UN.TO) has returned to the Green Favored Zone of the SIA S&P/TSX Composite Index Report for the first time since January. Yesterday the shares finished in 56th place up 7 spots on the day and up 32 places in the last month. Like many stocks, Dream Office REIT (D.UN.TO) fell off a cliff when stock markets crashed in early 2020. Dream then spent 15 months building a base for recovery. Recent trading suggests that accumulation has finally resumed. Earlier this month, the units broke out over $22.50 completing a bullish Ascending Triangle pattern and signaling the start of a new uptrend. Since then the shares have continued to climb and have nearly completed filling in a gap left behind in March of 2020.

Initial upside resistance may appear in the $27.50 to $28.00 zone where a measured move and a former support level converge, followed by the $30.00 round number and then the $33.50 to $34.50 area where a measured move and the shares previous peak converge. Initial support appears near the $22.50 breakout point.

A major breakout is underway in Dream Office REIT units (D.UN.TO) which recently smashed through $22.40, a resistance level that had been in place since March of 2020, completing a rare and bullish Spread Quadruple Top pattern, signaling the start of a new uptrend.

Initial upside resistance tests appear near $25.70 and $28.40 based on vertical and horizontal counts, then a previous column low near $31.35, and finally the $33.95 to $34.60 area where multiple vertical and horizontal counts cluster around the previous all-time high. Initial support appears near $21.95 based on a 3-box reversal and a retest of the recent breakout point.

With its bullish SMAX score increasing to 9, D.UN.TO is exhibiting strength against 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.

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.