Sunlife Financial Inc. - (SLF.TO) - July 5, 2023
Insurance giant Sun Life Financial (SLF.TO) has been climbing up the rankings in the SIA S&P/TSX Composite Index Report since September. Yesterday it returned to the Green Favored Zone for the first time since late 2019, finishing in 58th place, up 16 positions in the last month.
A downtrend in Sun Life Financial (SLF.TO) shares bottomed out last October and since then, they have been under accumulation. A significant correction back in March was contained by the 50-day moving average and since then their recovery trend has resumed.
SLF.TO recently staged a major breakout over $67.50, completing a bullish Ascending Triangle pattern and have continued to advance on a retest of their early 2022 peak near $70.00. Measured moves suggest potential resistance tests on trend near $75.00 and $82.50. Initial support appears near the $67.50 breakout point and then a recent higher low near $66.00.
Sun Life Financial (SLF.TO) shares have been in a consistent uptrend for over a decade with the 2020 and 2022 market selloffs turning out to be speed bumps on the way upward. This week, Sun Life has broken out again, completing a bullish Double Top pattern and is retesting its February 2022 peak.
A close above $70.35 would complete a pending bullish spread double top pattern and signal the start of a new upleg with a breakout to a new all-time high. Should that occur, next potential resistance may appear near $74.65 and then $85.75 based on horizontal counts. Initial support appears near $63.70 based on a 3-box reversal.
With a perfect SMAX score of 10, SLF.TO is exhibiting strength across the asset classes.
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