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Manulife Financial Corp - (MFC.TO) - February 17, 2023

Insurance giant Manulife Financial (MFC.TO) spent most of the last two years bouncing around between the red and yellow zones of the SIA S&P/TSX Composite Index Report. It started to steadily climb back up the rankings again in October and yesterday it returned to the Green Favored Zone for the first time since May of 2021. After moving up 9 positions yesterday MFC.TO is currently sitting in 53rd place, up 34 spots in the last month.

Manulife Financial (MFC.TO) shares staged a major breakout yesterday, driving to a new all-time high on a spike in volume, supported by a positive earnings report. The shares launched up off of a base that was established near $21.50 last year and since then, a new uptrend of higher lows has emerged, which was confirmed by a Golden Cross of the 50-day average over the 200-day average.

Measured moves and a round number suggest potential resistance may emerge in the $29.50 to $31.00 area. Initial trend support appears near $25.50.

After selling off in the spring of 2022 Manulife Financial (MFC.TO) established a base near $20.80 through the second half of last year, bottoming out in a July Bear Trap. A bullish Double Top breakout in December signaled the start of a new advance which has extended into a bullish High Pole, completing additional Spread Double Top breakouts along the way. This month, the shares have broken out to a new all-time high, confirming accumulation continues.

Horizontal and vertical counts suggest potential resistance near $29.20 and $30.35, around the $30.00 round number. Initial support appears near $24.90 based on a 3-box reversal and a retest of the $25.00 round number.

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

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