Altus Group (AIF.TO) a provider of software and consulting services to the commercial real estate industry, returned to the Green Favored Zone of the SIA S&P/TSX Composite Index report yesterday for the first time since November. The share finished yesterday in 46th place, up 11 spots on the day and up 120 spots over the last month.
Since the beginning of 2019, Altus Group (AIF.TO) has been under steady accumulation as highlighted by the continuing trend of higher lows and the series of bullish Ascending Triangle pattern breakouts. The last correction back in November was contained near $47.00 with the previous resistance level reversing polarity and becoming new support.
Following a few weeks of normal consolidation, the shares have resumed their primary uptrend in the last month, rallying up off of $50.00, breaking through its 50-day average, and most recently, clearing $58.00 resistance to achieve a new all-time high above $60.00, signaling the start of a new upleg.
Next potential upside resistance on trend appears near $69.25 and $73.25 based on measured moves, followed by the $75.00 round number. Initial support moves up toward $55.00 from $50.00.
Altus Group (AIF.TO) shares have broken out to a new all-time high above $60.00, completing a bullish Double Top pattern and signaling the start of a new upleg within a bullish trend dating back to early 2019.
Next potential upside resistance appears in the $65.50 to $68.10 zone where a number of vertical and horizontal counts cluster, followed by $81.40 based on a horizontal count. Initial support appears near $57.00, based on a 3-box reversal and a retest of a recent breakout point.
With a bullish SMAX score of 8, AIF.TO is exhibiting near-term strength against the asset classes.
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