Since we last mentioned Intertape Polymer Group (ITP.TO) in the November 18th edition of the Daily Stock Report, the shares have climbed 48.0%, and have remained within the Green Favored Zone of the SIA S&P/TSX Composite Index Report. Yesterday the shares finished in 6th place, up 1 spot on the day and up 47 spots over the last month. This long-term monthly chart highlights the strength of the current advance in Intertape Polymer Group (ITP.TO) shares. In particular, note the acceleration in accumulation over the last year, and the significance of the breakout over $20.00. Currently, the shares are in the second upleg of a flag pattern which started with a rally up from $15.00 to $25.00, and saw a normal brief consolidation between the two uplegs. Next potential upside resistance appears in the $33.00 to $35.00 range, where multiple measured moves and previous peaks dating back over 20 years to the late 1990s cluster, followed by the $40.00 round number. Initial support appears near $26.85 then $25.00, both recent breakout points.
Intertape Polymer Group (ITP.TO) shares have embarked on a new upleg within a longer-term uptrend. Last fall, the shares broke out to their highest level in over five years, then consolidated for two months. In recent weeks, accumulation as resumed, culminating in a bullish Double Top breakout.
Next potential upside resistance appears near $32.90 where vertical and horizontal counts converge, followed by $39.35 based on a horizontal count. Initial support appears near $27.55 based on a 3-box reversal.
With a perfect SMAX score of 10, ITP.TO is exhibiting near-term strength across the asset classes.
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