Daily Stock Report

Brookfield Property Partners LP (BPY.UN.TO) - March 24, 2021 

Since we last mentioned diversified REIT Brookfield Property Partners* (BPY.UN.TO), the shares have climbed 30.0%. Yesterday, after being one of the few senior North American stocks to post a gain on the day, BPY.UN remained within the Green Favored Zone of the SIA S&P/TSX 60 Index Report, as it has been since October, moving up 2 spots to 7th place.  

Back in October, Brookfield Property Partners* (BPY.UN.TO) broke out over $17.50 to complete a bullish Ascending triangle base. Since then, the shares have remained under accumulation, steadily advancing in an upward trend of higher lows and holding above its 50-day moving average. Since the start of this year, the shared have gapped up through $20.00 and advanced on $22.50. 

Next potential upside resistance on trend appears in the $23.50 to $24.00 range based on previous peaks dating back to 2017 and 2019, followed by the $25.00 round number, and $26.00 based on a measured move from the ascending triangle breakout. Initial support appears at the top of the recent breakaway gap near $21.00 then the $20.00 round number.   

*Shares of Brookfield Property Partners are held in portfolios managed by SIA Wealth Management.

Brookfield Property Partners* (BPY.UN.TO) shares have been steadily recovering for nearly a year now with an uptrend of consistently higher O column lows and a series of breakouts completing bullish patterns including Double Tops and Spread Double Tops, nearly all of which remain active, indicating consistent accumulation. 

The shares are starting to approach initial resistance in the $23.50 to $24.00 range based on previous X column highs over the last four years, followed by the $25.00 round number, then $26.05 based on a horizontal count and $27.10 based on a vertical count. Initial support appears near $20.50 based on a 3-box reversal, previous O column lows and a retest of a recent bullish Double Top breakout point. 

With a perfect SMAX score of 10, BPY.UN.TO is exhibiting near-term strength across the asset classes. 

*Shares of Brookfield Property Partners are held in portfolios managed by SIA Wealth Management.

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