SIACharts Logo

Commentary >

Tourmaline Oil Corp - (TOU.TO) - August 1, 2023

Tourmaline Oil (TOU.TO) has been steadily climbing up the rankings in the SIA S&P/TSX 60 Index Report since May. In June it exited the red zone and in July it returned to the Green Favored Zone for the first time since January. TOU.TO continues to rise up the relative strength rankings, finishing in 12th place yesterday, up 1 spot on the day and up 16 places in the last month. Back in March, a four-month selloff in Tourmaline Oil (TOU.TO) shares bottomed out just above the $50.00 round number. The shares then spent four months building a base for recovery between $50.00 and $62.00 with higher lows below resistance forming a bullish Ascending Triangle pattern which was completed last month. Since breaking out, the slope of the recovery trend has increased, indicating that accumulation has accelerated.

Upside resistance may initially emerge at the November 2022 peak near $77.50, followed by the $83.00-$84.00 area based on measured moves. Initial support appears at the $62.00 recent breakout point.

Bouncing back from a winter selloff, Tourmaline Oil (TOU.TO) has been on the rebound since bottoming out in April. Last month, the shares completed bullish Double Top and Spread Double Top breakouts, signaling the start of a new upswing.

Initial upside resistance appears at the previous peak near $77.10, followed on trend by $81.80 based on a horizontal count. Initial support appears near $63.25 based on a three-box reversal.

With a bullish SMAX score of 7, TOU.TO is exhibiting strength against 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.

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.