SIACharts Logo

Commentary >

Prairiesky Royalty Ltd - (PSK.TO) - July 25, 2023

With the exception of two short dips into the yellow zone, Prairiesky Royalty* (PSK.TO) has been in the Green Favored Zone of the SIA S&P/TSX Composite Index Report since the start of 2022. Over that time, PSK.TO has returned 63.3%. With crude oil and natural gas prices bounding back recently, Energy stocks have been attracting renewed interest and PSK.TO is the highest ranked Energy stock in this report currently sitting in 6th place, up 12 positions in the last month. This five-year weekly chart highlights the strength of the ongoing recovery trend in Prairiesky Royalty* (PSK.TO) shares. Since bottoming out in 2020, PSK.TO has been under accumulation, steadily advancing in a Rising Channel of higher highs and higher lows. Since completing a bullish Golden Cross in early 2022, the shares have consistently been supported above their 50-day moving average.

The shares recently regained $25.00 and continue to climb. Next potential resistance appears at the 2018 peak near $29.50, then $33.50 based on a measured move from a previous trading range. Initial support appears near the $25.00 round number, then a recent low near $22.50.

*Shares of Prairiesky Royalty are held in portfolios managed by SIA Wealth Management.

Since late 2020, Prairiesky Royalty* (PSK.TO) shares have been under consistent accumulation, steadily advancing in a step pattern of rallies followed by consolidation at higher levels. So far this year, a High Pole rally has been followed by a Symmetrical Consolidation Triangle, and recently another rally phase. Building on bullish Double Top and Spread DoubleTop breakouts, PSK.TO has recently advanced to its highest level since the spring of 2018.

Upside resistance may initially emerge near $29.40 where a horizontal count and the 2018 peak converge, followed by $31.20 based on a vertical count. Initial support appears near $21.65 based on a 3-box reversal.

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

*Shares of Prairiesky Royalty are held in portfolios managed by SIA Wealth Management.

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.

Related Posts

Keep up to date on the latest financial market news.

Receive a daily newsletter with stock highlights, ETF rankings, weekly market focus and others.