Metro (MRU.TO) has moved up 10 places in the SIA S&P/TSX Index Report over the last week to 16th spot, the top of the Yellow Neutral Zone and one outside of the Green Favored Zone.
A major breakout is underway this week in Metro Inc. (MRU.TO) shares which blasted through $61.50 to a new high, completing a bullish Ascending Triangle pattern, completing a consolidation phase, and signaling the start of a new advance. Measured moves from the triangle suggest that next potential resistance tests on trend may appears near $68.50 then $75.50. Initial support appears in the $59.00 to $60.00 area between a trend support line and a round number.
Grocer Metro Inc. (MRU.TO) spent much of 2020 to date in consolidation mode, although higher lows indicated continued underlying accumulation, and bullish Triple Top and Spread Double Top breakouts remained active. This month, accumulation has accelerated with the shares completing a bullish Double Top pattern and breaking out to a new high.
Initial upside resistance appears near $67.60, followed by $76.13 and $79.20, all based on horizontal counts. Initial support appears near $54.37 based on a 3-box reversal.
With a bullish SMAX score of 9, MRU.TO is exhibiting near-term strength against the asset classes.
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