Discount store chain Dollarama (DOL.TO) has been steadily climbing up the rankings in the SIA S&P/TSX 60 Index Report starting deep in the red zone and recently returning to the Green Favored Zone for the first time since the fall of 2020. Yesterday it finished in 14th place, up 3 positions in the last month.
For nearly two years, Dollarama (DOL.TO) has been under accumulation, steadily advancing in a rising channel of higher highs and higher lows. This week, the shares have broken out to a new all-time high, confirming that their upward trend remains intact.
Measured moves from previous trading ranges suggest potential upside resistance near $74.50 then $80.00. Initial support appears near $65.00 then $60.00
For nearly two years, since the March 2020 market bottom, Dollarama (DOL.TO) has been under accumulation, steadily advancing in an upward trend of higher lows and bullish patterns. This month Dollarama (DOL.TO) broke out to a new all-time high and completed its second bullish Double Top breakout of the year, signaling the start of a new upleg.
Next potential upside resistance appears in the $74.20 to $76.45 area where several vertical and horizontal counts cluster around the $75.00 round number. Initial support appears near $65.85 based on a 3-box reversal.
With its bullish SMAX score of 9, DOL.TO is exhibiting strength against the asset classes.
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