WSP Global Inc. - (WSP.TO) - September 15, 2023
Today, we are going to look at WSP Global Inc (WSP.TO). The last time we commented on WSP Global Inc (WSP.TO) was on May 29, 2023. WSP.TO initially entered the Favored Zone of the S&P/TSX Composite Index report on June 30, 2022, at a price of $145.54. It briefly dipped into the top of the Yellow Zone since then but held onto its Positive SMAX Score throughout its time in the Yellow Zone. Today we see the shares are at $195.30 representing a 34% increase. This is another perfect example of looking for names in the favored zone. The shares currently occupy the #39 spot in the TSX Comp Index report, up 6 spots in the last month. WSP Global provides engineering and design services to clients in the Transportation & Infrastructure, Property & Buildings, Environment, Power and Energy, and Resources Sectors. In looking at the attached Candlestick chart of WSP.TO, we see the shares recently broke above some important prior resistance at the $185.00 area when it last peaked back in late 2021. A distribution phase ensued until May of 2022 before it found its footing at the $130.00 area. The accumulation phase has since re-asserted itself and the all-important prior resistance of $185.00 was broken last month. A new upleg has formed and next potential resistance could be forthcoming at the $200 psychological price level. Support can be found at its 50 Day Moving Average of $182.93
In the attached Point and Figure Chart at a 2% Scale, we see the shares has seen a very strong uptrend since May of 2022 with a consistent pattern of higher highs and higher lows. Most recently, it has broken above its prior resistance point at $186.87 and a new upleg has formed. Currently, the shares exhibit a bullish Double Top Pattern. Resistance can be found at $198.31 based on a vertical count, the $200 psychological number and if it manages to break above that, $218.95. Support can be found at its 3 box reversal at $179.62 and, below that, $165.94.
With a perfect SMAX Score of 10, WSP.TO is exhibiting near term strength against all the asset classes.
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