Interfor Corp. - (IFP.TO) - December 30, 2021 



Since we last mentioned lumber producer Interfor Corp* in the December 3rd issue of the Daily Stock Report, the shares have gained 17.1%, including a 13.5% jump yesterday. Lumber prices have rebounded lately, and were highlighted in the December 13th issue of Equity Leaders Weekly, sparking renewed interest in related stocks.

Interfor* returned to the Green Favored Zone of the SIA S&P/TSX Composite Index Report at the beginning of this month and has continued to climb up the rankings. Yesterday it finished in 9th place, up 11 spots on the day and up 60 positions in the last month.

A major breakout is underway in Interfor (IFP.TO) shares. Recovering from a spring selloff, the shares have been steadily recovering lost ground since August, forming a bullish Ascending Triangle pattern of higher lows below $36.00. Yesterday, the shares blasted through that barrier to a new all-time high on a spike in volume, indicating a surge in investor interest. The shares continued to climb up through $40.00, confirming that a new upleg has started within a long-term bullish trend.

A measured move from the Ascending Triangle suggests next potential resistance on trend may appear near $48.50, close to the $50.00 round number. Initial support moves up to the $36.00 breakout point.

*Shares of Interfor are held in some portfolios managed by SIA Wealth Management.

A bullish Triple Top breakout earlier this month by Interfor* (IFP.TO) initially attracted our attention. Since then, the shares have continued to climb with the current column evolving into a bullish High Pole. Clearing the May peak near $35.00 confirmed that six months of consolidation had been successfully completed and that a new rally phase was underway.

Clusters of vertical and horizontal counts suggest potential resistance in the $48.05-$49.05 and the $52.05-$53.05 areas with the $50.00 round number between them. Initial support appears near $36.45 based on a 3-box reversal.

With a perfect SMAX score of 10, IFP.TO is exhibiting strength across the asset classes.



*Shares of Interfor are held in some portfolios managed by SIA Wealth Management.

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.

Keep up to date on the latest financial market news.

Receive a daily newsletter with stock highlights, ETF rankings, weekly market focus and others.