Colliers International Group Inc. - (CIGI.TO) - July 22, 2021
Commercial real estate service provider Colliers International (CIGI.TO) recently returned to the Green Favored Zone of the SIA S&P/TSX Composite Index Report from a dip down into the yellow zone. Yesterday, Colliers finished in 44th place, up 7 spots on the day and up 18 spots in the last week. For over a year, Colliers International (CIGI.TO) shares have been under accumulation, establishing an upward trend of higher lows and completing a series of bullish Ascending Triangle breakouts as it climbs in a step pattern. Since May, the shares have been in a normal consolidation phase, trading between $129 and $150, and have been on an upswing lately. Yesterday, Colliers closed at an all-time high above $147.50, indicating continuing investor interest and is approaching its intraday peak near $150.
A breakout over $150 would complete another bullish ascending triangle and signal the start of a new rally phase with next potential resistance tests on trend near $166, $171, $192 and the $175 round number.
Initial support currently appears at the 50-day average near $137.
Back in October, Colliers International (CIGI.TO) snapped a downtrend line, signaling that a new recovery trend has started in earnest, and was followed by two high pole rallies that continued through February. Since then, the shares have remained under accumulation, continuing to advance at a more moderate pace. This month, the shares have broken out to the upside once again, completing a bullish Double Top pattern to signal the start of another upleg.
Based on vertical and horizontal counts, next potential upside resistance tests on trend appear near $169.90, $180.30, and $187.39. Initial support appears near $133.95 based on a 3-box reversal.
With its bullish SMAX score increasing to a perfect 10, CIGI.TO is exhibiting strength across the asset classes.
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