Daily Stock Report

HR Real Estate INV Trust - (HR.UN.TO) - May 28, 2021 

Commercial real estate company H&R REIT (HR.UN.TO), with holdings split between retail, office, industrial and residential properties, has just returned to the Green Favored Zone of the SIA S&P/TSX Composite Index Report for only the second time in the last five years. Continuing a rebound up from the red zone that started back in February, the units finished in 53rd place yesterday up 5 spots on the day.   

On the completion of a bullish Ascending Triangle base last fall, H&R REIT (HR.UN.TO) units soared for a few weeks, then took a few steps backward. Since establishing support near $12.00 back in February, the units have settled into a steady upward trend, advancing in a rising channel of higher highs and higher lows, trending above their 50-day average.

Initial upside resistance appears near $17.00 where a downtrend line and a measured move from a recent range converge, followed by the $19.00 to $21.00 range where the units spent most of 2019 and also includes another measured objective and the $20.00 round number. Initial support appears at the 50-day moving average just below the $15.00 round number.   

H&R REIT (HR.UN.TO) started to attract renewed attention from investors in the fall of 2020 when they launched up from near $9.00 toward $14.00. In March, the units snapped a downtrend line, then consolidated at higher levels for several weeks. This month, the units have broken out to the upside once again, completing a bullish Double Top that signals the start of a new upleg within an ongoing uptrend.Based on previous column highs, vertical counts and horizontal counts, potential upside resistance tests on trend may appear near $17.25, $19.40, $20.20, $21.45 and $22.30. Initial support appears near $14.40 based on a common 3-box reversal.  With a bullish SMAX score of 8, HR.UN.TO is exhibiting near-term strength against the asset classes.

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