Gildan Activewear Inc. - (GIL.TO) - July 5, 2021
Athletic clothing producer Gildan Activewear (GIL.TO)* remains near the Green Favored Zone in the SIA S&P/TSX 60 Index Report finishing in 4th place on Friday. Since we last mentioned Gildan in the April 13th edition of the Daily Stock Report, the shares have climbed 10.8%, and they are up 70.6% since entering the Green Favored Zone on August 24, 2020.
Since bottoming out in March of 2020, Gildan Activewear (GIL.TO) shares have been under steady accumulation, climbing in a rising channel of higher highs and higher lows. The shares have also completed a series of bullish Ascending Triangle breakouts, including one over $45.00 last week that signaled the start of another upleg.
Initial upside resistance appears in the $50.00 to $52.00 area between a round number and the previous peak which dates back to the summer of 2019, followed by the $65.00-$67.00 area based on measured moves. Initial support appears at the recent breakout point near $45.00, then recent lows closer to $41.00.
*Gildan Activewear is currently held in portfolios managed by SIA Wealth Management
Back in February, Gildan Activewear* (GIL.TO) snapped a downtrend line, and has continued to advance since then. A March breakout signaled the start of a new upleg, with continues to this day with the shares building a high pole and without even a 3-box or 6% correction. Last week, the shares reached their highest level since 2019 confirming continued accumulation.
Next potential upside resistance appears at the previous peak near $51.75, followed by $55.00 based on a vertical count. Initial support appears near $42.45 based on a 3-box reversal.
With a perfect SMAX score of 10, GIL.TO is exhibiting strength across the asset classes.
*Gildan Activewear is currently held in portfolios managed by SIA Wealth Management
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