SIACharts Logo

Commentary >

Toromont Industries - (TIH.TO) - April 5, 2022

Heavy equipment distributor Toromont Industries (TIH.TO) has been climbing back up the rankings in the SIA S&P/TSX Composite Index Report for the last month. Yesterday, it moved up 6 positions to 60th place to the top of the Yellow Neutral Zone, one position outside of the green zone where it has not been since September.

Another new all-time high achieved by Toromont Industries (TIH.TO) confirms that its two-year accumulation trend remains intact. Although the first year of the current uptrend had a steeper slope, the shares have remained well supported over the last year above support in the $100.00 to $104.00 area.

Since the last successful retest, the shares have been steadily climbing once again, clearing and then holding above their 50-day moving average which currently provides support near $110.00. The shares are currently approaching $120.00 with next potential resistance near the $125.00 round number and then $128.00 and $140.00 on trend based on measured moves from a recent trading range.

Toromont Industries (TIH.TO) has been on a bullish point and figure chart signal for two years, starting with a Double Top breakout in April of 2020 that has extended into a series of bullish High Poles. Toromont spent the winter of 2022 consolidating gains made last year, but appears to have embarked on another upleg, kicked off by a major breakout to a new high above $115.70, which completed a bullish Triple Top pattern.

Vertical and horizontal counts suggest next potential upside resistance may appear near $132.90 and then $143.85 on trend. Initial support appears near $109.00 based on a 3-box reversal.

With a perfect SMAX score of 10, TIH.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.