Daily Stock Report

Meg Energy Corp. - (MEG.TO) - February 23, 2021 

MEG Energy* (MEG.TO) shares returned to the Green Favored Zone in the SIA S&P/TSX Composite Index Report back in December and have continued to climb up the rankings. In the last month, the shares have moved up 41 spots to 7th place, including a gain of 8 spots yesterday.  

Building on a previous bullish Ascending Triangle breakout, MEG.TO shares staged a major breakout earlier this month snapping a long-term downtrend line. Since then, accumulation has continued and a new uptrend has continued to strengthen, particularly with the shares breaking out over $6.00 this week. 

Next potential upside resistance appears in the $8.00 to $9.00 zone based on previous peaks based on the last high set in early 2020 and previous minor peaks dating back to 2018. Initial support moves up toward $6.00. 

*Shares of MEG Energy are held in some portfolios managed by SIA Wealth Management. 

Back in December, MEG Energy* (MEG.TO) shares snapped out of a downtrend, completed a bullish Spread Triple Top pattern to signal the start of a new uptrend. The shares then proceeded to consolidate for a few weeks, establishing their $4.30 previous resistance level as a new base of support, from which the current high pole advance launched. Earlier this month, the shares broke through $5.15, completing a bullish Double Top pattern, and have not looked back since, advancing toward $6.75. 

Next potential upside resistance on trend appears near $7.30 based on a horizontal count and previous column high, then their January 2020 high near $8.10. Initial support appears near $6.10 based on a 3-box reversal.   

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

*Shares of MEG Energy are held in some portfolios managed by SIA Wealth Management. 

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