Alimentation Couche-Tard Inc. - (ATD.TO) - November 27, 2023
The last time we talked about Alimentation Couche-Tard (ATD.TO) was in the Aug 15, 2022 edition of the Daily Stock Report when the shares were at $59.49. They initially entered the Favored zone earlier that year on May 2, 2022, at a price of $58.39. Since then, the shares have remained in the Favored zone up until today with only a few brief dips into the top of the Yellow Neutral zone without ever entering the Red Unfavored zone. Today the shares are at $79.20 which represents a price increase of 35.6% in a little over a year and a half. Currently, ATD.TO sits in the 5th spot in the S&P-TSX 60 Index report up 1 spot in the last month. Alimentation Couche-Tard operates a network of convenience stores across North America, Ireland, Scandinavia, Poland, the Baltics and Russia. In looking at the candlestick chart of Alimentation Couche-Tard, we see the shares have been in a nice steady uptrend consistently displaying a pattern of higher highs and higher lows, a sign of a long-term continuous accumulation phase. The shares have entered all time high territory with support found at the $75.00 area and resistance found at approximately the $85.00 area.
In the attached Point and Figure Chart at a 2% scale, we see the shares broke past prior resistance at the $75.25 level back earlier this month and a new upleg ensued. Furthermore, we see that the shares have been very strong when it broke above the $60.52 price level back in January of this year.
Currently, the shares are exhibiting a bullish Double Top Pattern. Next potential resistance is at $84.75 and $93.57 based on a measured move. Support can be found at its 3-box reversal of $73.78 and, below that, $68.16. With a SMAX of a perfect 10, ATD.TO is exhibiting strength against all the asset classes.
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