Daily Stock Report

Imperial Oil Ltd. - (IMO.TO) - March 12, 2021 

Integrated oil producer Imperial Oil (IMO.TO) continues to climb within the Green Favored Zone of the SIA S&P/TSX 60 Index Report. The shares finished yesterday in 8th place, up 2 spots on the day and up 8 spots over the last month. Back in the fall, shares completed a bullish Ascending Triangle Base with a breakout over $25.00, and then consolidated its gains for a few weeks retesting the breakout point and its 50-day average. Recently, accumulation has accelerated and the recovery trend has resumed in earnest with the shares snapping a long-term downtrend line and regaining the $30.00 level. Initial resistance appears near $35.00, then the $40.00 to $41.50 area both of which feature clusters of round numbers with measured moves and previous support/resistance. Initial support moves up to the $30.00 round number.  

With the exception of a brief correction last September, Imperial Oil (IMO.TO) shares have been steadily recovering lost ground for nearly a year, establishing an upward trend of higher lows. Back in December, this recovery trend was confirmed when the shares snapped a downtrend line and completed a bullish Spread Triple Top breakout. In recent weeks, accumulation has accelerated with a High Pole forming and the shares retaking a previous breakdown point to trade at their highest levels since January of 2020. 

Next potential upside resistance appears near $34.45 where a horizonal count converges with previous column highs/lows, followed on trend by $38.80 and $43.70 both based on the convergence of vertical counts with previous column highs. Initial support appears near $29.40 based on a 3-box reversal. 

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

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