Midstream energy producer and distributor Keyera (KEY.TO) has been trending steadily upward within the SIA S&P/TSX Composite Index Report since December, moving up out of the red zone into the Green Favored Zone where it continues to climb. Up 25 positions in the last month, Keyera climbed 6 spots yesterday to 32nd place.
This five-year chart highlights the significance of recent gains for Keyera (KEY.TO) shares. Clearing $32.50 last year overcame a long-term hurdle and the ensuing correction was contained by a higher low near $27.00. In recent months, a bullish Ascending Triangle has been forming, a sign of continuing accumulation that was successfully completed by yesterday’s close.
Based on measured moves form recent trading ranges, next potential upside resistance may appear near $37.50 and $42.25, along with the $40.00 round number. Initial support has moved up to the $30.00 round number.
Since a downswing bottomed out back in December, Keyera (KEY.TO) has been under renewed accumulation. In recent months, the shares have been on the rebound, establishing a series of higher lows and positive pattern completions. Currently, the shares are bumping up against $34.30 resistance, where a breakout would confirm that the underlying, long-term uptrend has resumed. The shares have already broken out on a 1% chart.
Next potential upside resistance tests on trend appear near $41.00 and $46.15 based on horizontal and vertical counts. Initial support appears near $31.05 based on a 3-box reversal.
With a bullish SMAX score of 7, KEY.TO is exhibiting strength against 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.