Daily Stock Report

Daily Stock Report - July 31, 2020 Celestica - (CLS.TO)

Boosted by stronger than expected earnings, electronics manufacturer Celestica (CLS.TO) jumped 24 spots in the SIA S&P/TSX Composite Index Report yesterday and returned to the Green Favored Zone. 

Celestica (CLS.TO) has staged a double breakout this week, first clearing $10.25 to complete a bullish Ascending Triangle pattern, and then clearing $11.00 to snap out of a long-term downtrend. Combined, these breakouts signal the start of a new uptrend with next potential upside resistance tests near $12.00 and $15.00 on trend. Initial support appears between the $10.00 round number and the $10.25 breakout point. 

Celestica (CLS.TO) shares have been steadily recovering since March, with upward pulses followed by corrections that keep bottoming out at higher levels indicating underlying accumulation continues. Yesterday, the shares broke through a downtrend resistance line, confirming the recent completion of a bullish Double Top pattern and signaling the start of a new advance. 

Next potential upside resistance tests appear near $12.80, $13.85 and $15.00 on trend based on a combination of vertical counts and previous support/resistance points. Initial support appears near $10.30 based on a 3-box reversal.  

With its bullish SMAX increasing to 7, CLS.TO is exhibiting near-term strength across 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.