SIACharts Logo

Commentary >

Equitable Group Inc. - (EQB.TO) - July 29, 2021 

Branchless bank Equitable Group (EQB.TO) has returned to the Green Favored Zone of the SIA S&P/TSX Composite Index Report from a brief dip into the yellow zone. The shares finished yesterday in 57th place up 1 spot on the day and up 11 places in the last month.

Equitable Group (EQB.TO) shares have been under steady accumulation since bottoming out with the overall market in March of 2020. Over the last year, a steady upward trend of higher lows has signaled consistent underlying accumulation. Earlier this year, the shares broke out over $120 and after successfully retesting that level as new support, they have continued to climb, recently establishing another higher low near $130 and breaking out over $140 which may now reverse polarity to become initial support.

Initial upside resistance appears at the spring high near $146, followed by the $150 round number. Measured moves then suggest additional upside tests possible in the $160-$162 area then the $178-180 zone on trend.

Since a breakout rally peaked back in February, Equitable Group (EQB.TO) shares have been consolidating their previous gains. In April, a breakdown quickly reversed into a Quadruple Top breakout which remains active and since then, an emerging trend of increasing lows has indicated consistent investor support. This week the shares have stared to attract renewed interest, breaking out over $140.10 again, this time completing a bullish Triple Top pattern.

Initial resistance appears at the $150.00 round number followed by the May high near $153.20. On a breakout, next potential upside tests appears near $159.45 and $162.65 based on horizontal counts. Initial support appears near $138.60 based on a 3-box reversal and a retest of the recent breakout point.

With its bullish SMAX score increasing to 7, EQB.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.