Packaging producer CCL Industries (CCL.B.TO) has started to climb back up the rankings in the SIA S&P/TSX 60 Index Report. Having started deep in red zone in April, the shares recently peeked up into the Yellow Neutral Zone for the first time since September of 2021. The were last in the green zone in April of 2021. Yesterday, CCL.B finished in 28th place, up 7 positions on the day and up 18 spots in the last month.
A major breakout is underway in CCL Industries (CCL.B.TO) shares. A downtrend which started last September bottomed out in May in a bear trap where the shares briefly dipped below $55.00, and then turned back upward. This week, CCL.B has snapped out of a nine-month downtrend, and has climbed up off of $60.00, confirming the start of a new upswing.
Initial upside resistance appears at previous weekly peaks near $67.50, and then near $72.50. Initial support appears at the 50-day average near $59.00.
A recovery play appears to be getting underway in CCL Industries (CCL.B.TO) shares. Back in May, a bearish quadruple bottom breakdown failed with a bullish reversal and since then, the shares have been trending back upward, completing a series of bullish Double Top and Spread Double Top breakouts. The shares have regained $60.00 and continue to work their way back upward. Initial upside resistance appears at previous column lows near $66.15, followed by $69.50, where a vertical count and previous column high converge. Initial support appears near $59.85 based on a 3-box reversal. With a bullish SMAX score of 7, CCL.B.TO is exhibiting strength against the asset classes.
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