SIACharts Logo

Commentary >

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.

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.