Power Corp. - (POW.TO) - August 9, 2021
In today’s edition of the Daily Stock Report, we are going to feature Power Corp (POW.TO). This is the first time we have looked at Power Corp in over 10 years. Power Corp has shown consistent strength over the last little while moving up 1 spot in the last week, 7 spots in the last month and 25 spots in the last 3 months in SIA’s TSX Capped Composite Index Report. It currently sits in the Favored Zone in the 16th spot. Power Corp of Canada is a diversified holding company with interests in financial services, communications, and other business sectors through its controlling interests in Power Financial. Power Corp first entered the Favored Zone of the SIA TSX Composite Index earlier this year on April 13 at a price of $34.29. After Friday’s close the shares were $41.44 representing a 20.85% price appreciation since first entering the favored zone. In looking at the Candlestick Chart, we see the stock has been in a steady uptrend since March of 2020. A brief and shallow pullback occurred earlier this summer but now we see a significant breakout occur at its previous high near $40.00 with a another potential new upleg forming. Support can be found at the prior high near $40.00 while resistance is near the $48.00 area.
When looking at a 1% scale on a Point the Figure Chart for Power Corp (POW.TO), we see the shares found support at its 3-box reversal and then reversed back to the upside making a new high which is now exhibiting a Positive Double Top Pattern. Support can be found at $39.79 and below that $38.24. To the upside, resistance can be found at $44.39 and, above that, $48.07. With an SMAX of 10 out of 10, POW.TO is exhibiting near term strength against all 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.