After steadily sinking for 18 months, Element Fleet Management (EFN.TO) has rocketed back up the relative strength rankings within the SIA S&P/TSX Composite Index Report in the last few days, returning to the Green Favored Zone for the first time since November of 2020. Yesterday, EFN.TO jumped another 18 positions to 55th place.
A major change in direction is underway for Element Fleet Management (EFN.TO) shares. The shares spent the last year under distribution, steadily retreating in a Falling Channel of lower highs and lower lows. In the last few days, the shares have soared up off of $11.00, retracing half of their previous losses in a run back up toward $13.00, on increased volumes that started with a breakaway gap, and have snapped a downtrend line, all signs that combine to indicate renewed investor interest.
Initial support moves up toward the $12.75 breakout point, while next resistance after $13.50 appears near $15.00, a round number and the shares’ previous peak.
A year-long retreat in Element Fleet Management (EFN.TO) shares recently bottomed out near $11.00 where distribution was finally contained by a long-term uptrend support line. In recent days, accumulation has resumed with the shares climbing back up above $13.00 and completing a bullish Double Top pattern.
Initial upside resistance appears near $15.00, where the previous peak and a round number converge, followed by $16.00, based on a horizontal count. Initial support appears near $12.35 based on a 3-box reversal.
With a bullish SMAX score of 7, EFN.TO is exhibiting strength against the asset classes.
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