Daily Stock Report

Home Capital Group Inc. (HCG.TO) - November 16, 2020 

Home Capital Group (HCG.TO) continues to trend upward within the Green Favored Zone of the SIA S&P/TSX Composite Index Report. On Friday it climbed another two spots to 26th place and has moved up 66 spots in the last month. 

Accumulation in Home Capital Group (HCG.TO) shares has accelerated lately, particularly following a recent breakout over $25.00, which completed a bullish Ascending Triangle pattern, and advance on $27.50. 

Initial upside resistance may emerge in the $30.00 to $31.00 zone where a round number, previous support and two measured moves cluster, followed by previous resistance near the $35.00 level. Initial support appears near $25.00, a round number and recent breakout point

A steady recovery trend in Home Capital Group (HCG.TO) shares since April, indicated by a series of bullish Spread Double Top and bullish Double Top breakouts, and an upward trend of consistently higher column lows. The current upleg was signaled by a breakout over $24.66. 

Initial upside resistance appears in the $30.00 to $30.65 area where vertical/horizontal counts, a round number and a previous column high cluster, followed by $31.90 near a previous column low and the 2019 peak near $35.20. Initial support appears between $25.00 and $25.15 based on a 3-box reversal and a round number.  

With a bullish SMAX score of 10, HCG.TO is exhibiting near-term strength across the asset classes. 

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