Firstservice Corp (FSV.TO) - July 19, 2023
Slowly but steadily FirstService (FSV.TO) shares have been working their back up the rankings in the SIA S&P/TSX 60 Index Report. FSV.TO exited the red zone in March and has climbed toward the top of the Yellow Neutral Zone with a gain of 9 positions in the last month. Currently in 17th place, FirstService is two spots away from a return to the green zone where it hasn’t been since January of 2022.
Since bottoming out near $145.00 about a year ago, FirstService (FSV.TO) shares have been under renewed accumulation. In January, FSV.TO completed a bullish Ascending Triangle base, signaling the start of a new recovery trend. Since then, the shares have continued to advance, recently advancing to their highest level since the start of 2022.
During this uptrend, FSV.TO has completed two classic Reversals of Polarity where a resistance level once broken ($180.00 and $200.00) has switched to become new support and once retested, has become the launchpad for the next advance.
Measured moves and previous support/resistance suggest potential upside resistance in the $215.00-$220.00 area, then the $250.00 to $255.00 zone. Current support appears near the $200.00 round number.
Following a big selloff in the first half of 2022, FirstService (FSV.TO) spent the second half of last year consolidating in a symmetrical triangle of higher lows and lower highs, a sign of indecision among investors. In March, FSV.TO broke out to the upside completing a bullish Spread Double Top pattern and signaling the start of a new uptrend. Following a small 3-box correction in June, FirstService has broken out again this month, completing a bullish Double Top and a Bullish Catapult.
Initial upside resistance may emerge at the previous peak near the $250.00 round number. A close above $254.30 would confirm an advance to new territory with next potential resistance after that near $269.85 based on a horizontal count. Initial support appears near $192.70 based on a 3-box reversal.
With a perfect SMAX score of 10, FSV.TO has been exhibiting strength across the asset classes.
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