Element Fleet Management (EFN.TO) recently returned to the Green Favored Zone of the SIA S&P/TSX Composite Index Report. Currently in 44th spot, it moved up 16 places last week and has moved up 24 places in the last month.
Back in July, Element Fleet Management (EFN.TO) completed a bullish Ascending Triangle base with a large breakaway gap up over $10.50. In a later correction, the shares partially filled in the gap, but held longer-term uptrend support near $10.50. In recent weeks, accumulation has resumed and the shares have been attempting to break out over $11.90 but need a close above that level to confirm the start of a new upleg.
If the shares can manage to break out, next potential resistance appears at the previous high near $13.25, then $14.00 and $14.75 on trend based on measured moves. Initial support appears moves up toward $11.50 from $10.80.
A recent correction in Element Fleet Management (EFN.TO) shares recently bottomed out at another higher low, keeping an upward trend which started back in 2018 intact. The shares have bounced to retest resistance near $11.90 where a breakout would complete a bullish spread double top pattern and signal the start of a new upleg.
On a breakout, next potential resistance may appear near $12.10 based on a horizontal count, the previous peak near $13.20 and then the $14.25 to $15.15 zone where several vertical and horizontal counts plus a round number cluster. Initial support appears near $10.80 based on a 3-box reversal.
With a bullish SMAX score of 9, EFN.TO is exhibiting near-term strength against the asset classes.
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