Firstservice Corp (FSV.TO) has returned to the Green Favored Zone in the SIA S&P/TSX Composite Index Report for the first time since April. Yesterday the shares finished in 48th place, up 9 spots on the day and up 53 places in the last month.
A major breakout is underway in Firstservice (FSV.TO) shares. Back in April, the shares peaked between a $216 closing high and a $220 intraday high. Since then, the shares have been in consolidation mode but through that, the establishment of higher lows has signaled that underlying accumulation continues. The shares have now closed above $216 and moved intraday above $220 indicating growing interest, a close above 220 would complete a bullish Ascending Triangle and confirm the start of a new upleg.
Based on measured moves from recent trading ranges, next potential upside resistance tests on trend appear near $230, and the $255 with the $250 round number in between. Initial support appears in the $200 to $205 area where trend support, the 50-day average and a round number cluster.
Firstservice (FSV.TO) shares quickly clawed back their spring 2020 losses, reaching new highs by last July. For the last year, the shares have remained under accumulation continuing their long-term uptrend of higher lows and positive pattern breakouts. This month, FSV.TO has broken out to another new high, completing another bullish Double Top pattern and embarking on a new upleg.
Horizonal and vertical counts suggest potential upside resistance on trend near $248.25, $263.45 and $274.10. Initial support appears near $199.65, based on a 3-box reversal and just below the $200.00 round number.
With a bullish SMAX score of 9, FSV.TO is exhibiting strength against the asset classes.
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