Stantec Inc. - (STN.TO) - October 22, 2021
Stantec (STN.TO), an engineering company, bounced back up into the Green Favored Zone of the SIA S&P/TSX Composite Index Report yesterday after moving up 15 spots to 46th place. The shares soared 9.6% yesterday on the news of a new acquisition rallying up off of their 50-day average, staging a breakaway gap to the upside and soaring to a new all-time high on a spike in volume, all combining to indicate a surge in investor interest.
Measured moves from recent trading ranges suggest potential upside resistance tests appear near $83.50 and then $84.25. Initial support appears at the bottom of the gap near $61.50.
Since November of 2020, Stantec (STN.TO) has been under accumulation, advancing in a series of three bullish High Poles with only moderate corrections of 3-4 boxes along the way. This week, the shares ended a consolidation phase and launched into a new advance with a breakout over $65.35 which completed a bullish Double Top pattern.
Horizontal and vertical counts suggest next potential upside resistance tests may appear near $72.15, $78.10, and $86.20 on trend. Initial support appears near $62.80 based on a 3-box reversal.
With its bullish SMAX score increasing to 9, STN.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.