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.
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