Canadian Tire Corporation (CTC.A.TO) provides a range of
retail goods and services in Canada. It moved into the Favored zone in the spring
and then briefly into the Neutral zone and now sits ranked 15th back in
the Favored zone. Bouncing back after reporting a second-quarter loss amid store closures,
CTC.A.TO is looking to breakout over $130 and challenge levels it was at
earlier this year in February around the $140 range.
Canadian Tire Corp (CTC.A.TO) is looking to move past the $130.70 price area to complete a double top breakout pattern. Initial overhead resistance appears near $133.31. If price holds above this level then next upside resistance comes into play at the $150 round number. To
the downside, support is found at $118.38 and $111.55.
With a bullish SMAX score of 8 out of 10, CTC.A.TO is
showing near-term strength against all asset classes.
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