Boardwalk REIT has returned to the Green Favored Zone of the SIA S&P/TSX Composite Index Report for the first time since 2018. Yesterday the units finished in 45th place up 12 spots on the day and up 66 places over the last month.
Since bottoming out in March of 2020, Boardwalk REIT (BEI.UN.TO) has been steadily recovering lost ground, advancing in a step pattern of rallies followed by consolidation at higher levels, and completing a series of bullish Ascending Triangle patterns. In the last few days, accumulation has accelerated into a rally phase with the units climbing on a jump in volumes.
Initial upside resistance appears in the $49.00 to $50.00 area where the February 2020 peak, a measured move and a round number cluster, followed by another measured cluster in the $66.00 to $69.00 area. Initial support appears near $40.00 a recently tested round number.
Earlier this month, Boardwalk REIT (BEI.UN.TO) completed a bullish Double Top breakout, continuing an upward trend of higher lows, bullish pattern completions and high poles as the units continue to recover from the early 2020 bear market.
Next potential upside resistance appears at the early 2020 peak near $49.85, just below the $50.00 round number. Additional tests on trend appears near $51.90, $55.05, and $64.50 all based on vertical and horizontal counts. Initial support appears near $41.75 based on a 3-box reversal.
With a perfect SMAX score of 10, BEI.UN.TO is exhibiting strength across the asset classes.
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