Daily Stock Report

Element Fleet Management Corp - (EFN.TO) - May 17, 2022

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. 

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.