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Tourmaline Oil Corp  - (TOU.TO) - July 11, 2023

Tourmaline Oil (TOU.TO) has been working its way back up the rankings in the SIA S&P/TSX Composite Index Report since March. It exited the red zone in late May and yesterday it returned to the Green Favored Zone for the first time since January. Yesterday, TOU.TO finished in 52nd place, up 4 spots on the day and up 51 positions in the last month. A major breakout is underway in Tourmaline Oil (TOU.TO) shares. This month, TOU.TO has completed a bullish Ascending Triangle base with a breakout over $61.50. Yesterday’s rally, which has carried the shares to their highest level since January confirms that a new recovery trend has started.

A measured move from the triangle suggests initial potential resistance near $71.50, followed by the late-2022 peak near $77.50. Initial support appears near $60.00.

A winter selloff in Tourmaline Oil (TOU.TO) ran its course and bottomed out in April. Since then, the shares have been steadily recovering, establishing a higher low in June. This month, the shares have broken out, completing a bullish Double Top breakout and a Bullish Catapult, signaling the start of a new advance.

Potential upside resistance tests appear near $72.65 based on a vertical count, $77.10 near the late-2022 highs and $81.80 based on a horizontal count. Initial support appears near $59.60 based on a 3-box reversal.

With a bearish SMAX score of 5, which is unchanged since May, TOU.TO has been exhibiting weakness against the asset classes. The shares have gained 15.0% in the last week.

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