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.
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