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.
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