Methanex Corp (MX.TO) - January 23, 2023
Methanex (MX.TO) has been climbing back up the rankings in the SIA S&P/TSX Composite Index Report since October. An initial advance carried the shares up out of the red zone and the following a two-month pause, they have surged up the rankings this month, returning to the Green Favored Zone for the first time since June. On Friday, MX.TO finished in 57th position up 5 spots on the day and up 62 placed in the last month.
A downtrend in Methanex (MX.TO) shares bottomed out in September, and since then, they have been under renewed accumulation. Over the last four months, a new recovery trend has emerged with a new uptrend of higher lows emerging, and the shares staging a series of bullish breakouts in addition to snapping out of their previous downtrend.
The current rally started with a breakout over $55.00 and has carried the shares back up above $60.00 for the first time since June, while initial support has moved up toward $57.50. Upside resistance appears in the $67.50 to $70.00 range, where multiple measured moves and the April peak cluster.
With the exception of a final shakeout in September that was quickly reversed, Methanex (MX.TO) shares have been steadily recovering lost ground since July. This month, accumulation appears to have accelerated with a bullish Double Top breakout snapping a downtrend line and extending into a bullish High Pole.
Previous column highs suggest potential resistance tests near $64.95 then $70.30, a vertical count suggests potential resistance near $76.10. Initial support appears near $55.40 based on a 3-box reversal.
With a perfect SMAX score of 10, MX.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.