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Colliers International Group Inc (CIGI.TO) - February 16, 2024

Colliers International Group Inc. (CIGI.TO) provides services to owners of commercial real estate properties including property management, project management, landlord representation, valuation, and consulting.

Colliers spent 15 months bouncing around between the red and yellow zones of the SIA S&P/TSX Composite Index Report between September of 2022 and December of 2023. The shares’ relative strength bottomed out in June of 2023 and has consistently been climbing since November. Yesterday, Colliers climbed another 7 spots to 34th place.

Since returning to the Green Favored Zone, CIGI.TO is up 12.4%, while the S&P/TSX Composite Index is up 2.8% over the same period.

Candlestick Chart Rallies Out of a Falling Wedge:

Colliers International (CIGI.TO) is breaking out this week. For the last eighteen months, the shares have been trading back and forth in a broad sideways range between $115.00 and $170.00. Since successfully retesting the bottom of the range last fall, the shares have been on an upswing and snapped out of a downtrend in December.

This week, Colliers has climbed up above the $170.00 top of the range to trade at its highest level in two years. This breakout signals the start of a new upleg. Initial upside resistance may emerge in the $190.00-$200.00 area between previous closing and intraday highs and a round number. Measured moves suggest potential resistance near $205.00 and $225.00. Initial support appears at the 10-week moving average near $160.00.

Point and Figure Chart Goes Rolls Over:

A major breakout is underway in Colliers International Group (CIGI.TO) shares. After drifting sideways through most of 2023, the shares rallied up off of support near $120.00 starting in November and snapped out of a downtrend in December. Through late January and early February, the shares staged a correction. In recent days, accumulation has resumed with CIGI.TO completing bullish Double Top and Spread Double Top breakouts and rallying to their highest level since March of 2022.

Next potential resistance appears at the previous peak near $197.90, followed by the $200.00 round number, and $214.00 which is based on a horizontal count. Initial support appears near $159.00 based on a 3-box reversal.

With a bullish SMAX score (which is a near-term 1 to 90-day indicator comparing an asset against different equal-weight asset classes) of 9 out of 10, CIGI.TO is exhibiting short-term strength against the asset classes.

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