Daily Stock Report

Corus Entertainment Inc. - (CJR.B.TO) - October 27, 2020 

Corus Entertainment (CJR.B.TO) recently popped back up into the Green Favored Zone of the SIA S&P/TSX Composite Index Report. Yesterday the shares climbed another 4 spots, and they have moved up 101 places in the last month. 

In the last week, accumulation in Corus Entertainment (CJR.B.TO) has clearly accelerated with the shares rallying up off of a successful test of trend support, staging a breakaway gap to the upside, snapping out of a long-term downtrend and breaking through $3.50 to complete a bullish Ascending Triangle pattern. Next potential resistance appears near $4.00 then $5.00 on trend where previous support/resistance converges with round numbers. Additional potential resistance appears in-between near $4.60 based on a measured move. Initial support moves up to the $3.50 breakout point from $3.25.   

A long-term downtrend in Corus Entertainment (CJR.B) shares appears to have bottomed out back in the spring and since June, the shares appear to have be base building. Since August, the shares have been under renewed accumulation, rallying up off of a higher low and completing a bullish Double Top pattern. 

Currently, the shares are advancing toward a retest of resistance near $3.90 where a breakout would compete a bullish spread double top, complete the base and confirm the start of a new upleg. Should that occur, next potential resistance may appear at a previous low near $4.45, then the $4.85 to $5.15 zone where vertical/horizontal counts, the $5.00 round number and a downtrend line cluster together. Initial support appears near $3.35 based on a 3-box reversal. 

With its bullish SMAX score increasing to 9, CJR.B.TO is exhibiting near-term strength against the asset classes. 

Disclaimer: SIACharts Inc. specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investors investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIACharts Inc. nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.