Daily Stock Report

Gildan Activewear Inc. (GIL.TO) - August 19, 2021 

For almost a year, athletic clothing producer Gildan Activewear (GIL.TO) has been in the Green Favored Zone of the SIA S&P/TSX 60 Index Report, gaining 85.7% over that time. Yesterday, the shares climbed up to top spot in the report for the first time after moving up 3 places on the day. 

Since a downtrend that started in the summer of 2019 bottomed out in March of 2020, Gildan Activewear (GIL.TO) shares have been steadily recovering lost ground, consistently climbing in a rising channel of higher highs and higher lows, a sign of ongoing accumulation. 

The shares are nearing the $50.00 round number with initial resistance possible at their 2019 high near $52.00. Following that, next potential resistance on trend appears near $60.00 where a round number and a measured move from the bullish Ascending Triangle base that was completed back in January converge. Initial support appears near $45.00. 

Earlier this year, Gildan Activewear (GIL.TO) shares snapped out of a downtrend and have remained under accumulation since then, continuing an upward trend of higher column lows and positive pattern completions. This month, the shares have rebounded from a brief 5-box correction, embarking on a new upleg with the completion of a bullish Double Top breakout. 

The shares are currently approaching the $50.00 round number with initial upside resistance possible at their 2019 peak near $51.75, followed by the $58.25 to $59.50 zone where vertical and horizontal counts converge. Initial support appears near $45.05 based on a 3-box reversal.  

With a perfect SMAX score of 10, GIL.TO is exhibiting strength across 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.