Daily Stock Report

Daily Stock Report - August 12, 2020 Magna International - (MG.TO)

Auto parts producer Magna International (MG.TO) returned to the Green Favored Zone in the SIA S&P/TSX Composite Index Report yesterday after moving up 7 spots to 9th place. 

A big breakout is underway in Magna (MG.TO) this week with the shares clearing $65.00 (which reverses polarity to become initial support), and snapping a downtrend line. Next potential upside resistance tests on trend appear near $74.00 then the previous peak near $82.50.  

Building on a recent bullish Double Top breakout, Magna (MG.A) shares recently snapped a downtrend line, confirming their recovery trend continues. Next potential upside resistance tests appear near $73.50 where a vertical count and prior column highs converge, then $79.55 based on a vertical count and the previous peak near $82.75. Initial support appears near $60.25 based on a 3-box reversal. 

With a bullish SMAX score of 8, MG.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.