Nuvei Corp - (NVEI.TO) - March 10, 2023
Payments technology provider Nuvei Corp. (NVEI.TO) has been on fire since reporting earnings earlier this week, gaining 6.6% yesterday and 23.3% over the last week. Since joining the SIA S&P/TSX Composite Index Report in December, the shares have been climbing the rankings moving from the red zone to the Green Favored Zone. Yesterday NVEI jumped 47 spots to 20th place.
Nuvei Corp. (NVEI.TO) shares bottomed out back in December and first started to show signs of renewed accumulation in January, when the snapped a downtrend line and regained their 50-day moving average on volume. This week, accumulation has accelerated again with the shares smashing through $50.00 with a breakaway gap on a volume spike, completing a base and a bullish Ascending Triangle pattern to signal the start of a new uptrend with a golden cross confirmation pending. A measured move from the triangle base suggests potential resistance near $67.50, which aligns with a previous peak back in May. Initial support appears at the $50.00 round number breakout point.
A year-long downtrend in Nuvei Corp. (NVEI.TO) shares slowed last fall, then finally bottomed out back in December with a final flush likely related to tax-loss selling. Since the start of this year, the shares have been under renewed accumulation, completing a Bullish Catapult of two Double Top breakouts with a moderate correction in between, with the current advance extending into a bullish High Pole.
Potential upside resistance tests on trend appear near $59.45, based on a horizontal count, a previous column high near $68.30, and then $73.90 where a downtrend line and a vertical count converge. Initial support appears near $48.75 based on a 3-box reversal.
With a perfect SMAX score of 10, NVEI.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.