WESTSHORE TERMINALS (WTE.TO) - September 6, 2022

Coal port operator Westshore Terminals (WTE.TO) dropped down into the Yellow Neutral Zone within the SIA S&P/TSX Composite Index Report on Friday for the first time since July of 2021. During the year-plus Westshore spent in the green zone, it returned 33.2%. On Friday it finished in 65th place, down 13 spots on the day and down 39 positions in the last month.

Westshore Terminals (WTE.TO) staged a major breakdown on Friday. Since peaking in June, Westshore has started to come under distribution. On Friday, WTE.TO broke down below $30.00, taking out round number support, and its June low, completing a bearish Descending Triangle pattern and confirming the start of a new downtrend.

Next potential downside support appears near $24.00-$25.00 near previous lows and an uptrend support line, then the $20.00 round number, a key support/resistance level. Initial rebound resistance appears in the $32.00-$33.00 area near the 50-day average and a new downtrend line.

A decisive downturn appears to be underway in Westshore Terminals (WTE.TO) shares. A major uptrend that carried the shares from near $10.00 in March of 2020 to a peak near $37.50 first faltered in June, then settled into a $30.00 to $3.50 range over the summer. Last week, the shares broke to the downside, taking out their June low, completing bearish Quadruple Bottom and Spread Double Bottom patterns, signaling the start of a new downtrend.

Horizontal counts suggest potential support between $22.00 and $23.30, then closer to $20.00 where a round number and a long-term 45-degree support line converge. Initial resistance appears near $32.05 based on a 3-box reversal.

With a bearish SMAX score of 3, WTE.TO is exhibiting weakness 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.

Keep up to date on the latest financial market news.

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