Brookfield Renewable Partners (BEP.UN.TO) returned to the Green Favored Zone of the SIA S&P/TSX Composite Index report last week, and on Friday it jumped another 24 spots to 23rd place.
A major breakout is underway in Brookfield Renewable Partners (BEP.UN.TO) which blasted through $62.00 on Friday to a new all-time high and completed a bullish Ascending Triangle to signal the start of a new upleg. Next potential upside resistance tests on trend appear in the $70.00 to $72.50 range based on measured moves. Initial support moves up to the $62.50 breakout point from the $60.00 round number.
Brookfield Energy Partners (BEP.UN.TO) units have been under accumulation for several months, completing a series of bullish Double Top patterns, including Friday’ breakout to a new all-time high which signaled the start of a new advance. A cluster of vertical and horizontal counts suggest that next potential resistance may appear in the $76.70 to $79.80 range. Initial support appears near $59.30 based on a 3-box reversal.
With a bullish SMAX score of 8, BEP.UN is exhibiting near-term strength against the asset classes.
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