Daily Stock Report

Finning International Inc. - (FTT.TO) - October 25, 2021 

Heavy equipment dealer Finning (FTT.TO) has been climbing back up the rankings in the SIA S&P/TSX Composite Index Report and recently returned to the Green Favored Zone for the first time since May. On Friday, it rose to 48th place, up 4 spots on the day and up 50 positions in the last month. 

Finning (FTT.TO) staged a major breakout last week. For six months, the shares had been stuck in a sideways range between $30.00 and $34.50, consolidating a previous advance that had started with a bullish ascending triangle breakout last November. In the last few days, the shares have attracted renewed interest from investors, climbing on increased volumes. The shares then staged a big breakaway gap breakout through the top of the range and have continued to climb to new highs. 

Based on measured moves from recent ranges and previous pattern completions, upside resistance appears near $39.00, $43.50, $48.00, and $52.00 on trend, along with the $50.00 round number. Initial support appears at the $35.00 breakout point. 

Finning (FTT.TO) has completed a rare and very bullish Spread Quadruple Top breakout to a new all-time high, ending over six months of sideways consolidation and signaling the start of a new advance. Initial upside resistance appears in the $42.70 to $43.95 area where two vertical counts converge, followed by the $50.00 to $51.00 zone, where a round number and a horizontal count converge. Initial support appears between $34.35, based on a 3-box reversal and $32.65 which coincides with a retest of the recent major breakout point. With a bullish SMAX score of 9, FTT.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.