SIACharts Logo

Commentary >

Mullen Group Ltd. - (MTL.TO) - April 20, 2021 

Trucker Mullen Group (MTL.TO) continues to march upward within the Green Favored Zone of the SIA S&P/TSX Composite Index Report. Yesterday, the shares finished in 12th place, up 10 spots on the day and up 20 spots over the last month.

A major breakout is underway in Mullen Group (MTL.TO) shares this week, which have broken through $13.00, a former support level, to trade at their highest level since the summer of 2018. This move, along with the recent snapping of a long-term downtrend line, confirms the strength of the current recovery trend.

Based on previous peaks, initial upside resistance appears near $15.00 and then $16.50. Initial support appears at the $13.50 recent breakout point.

For the last year, Mullen Group (MTL.TO) shares have been under steady accumulation, as shown by the growing trend of higher lows Last month the shares completed a bullish Double Top breakout to signal the start of a new upleg which continues to this day.

Initial upside resistance appears near $15.00, where a round number, a previous peak dating back to 2018, and multiple vertical and horizontal counts converge. Following that, vertical and horizontal counts suggest potential upside tests near $18.00 and $19.45 on trend. Initial support appears near $12.35 based on a 3-box reversal.

With a bullish SMAX score of 8, MTL.TO is exhibiting near-term 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.

Related Posts

Keep up to date on the latest financial market news.

Receive a daily newsletter with stock highlights, ETF rankings, weekly market focus and others.