Fertilizer producer Nutrien (NTR.TO) returned to the Green Favored Zone of the SIA S&P/TSX 60 Index report for the first time in two years last month and continues to hold steady in that range. Yesterday it moved up one spot to 12th place.
This long-term weekly chart highlights the significance of the current advance in Nutrien (NTR.TO) shares. The recent rally up through $67.50 has not only carried the shares to their highest level in over five years, but it also has snapped a long-term downtrend line dating back to the 2008 peak, confirming that the tide has turned positive and a new uptrend is underway.
Initial upside resistance appears near $80.00 where a long-term support/resistance line and a measured move converge, followed by a previous high near $92.00 and then a measured $95.00 on trend. Initial support appears in the $60.00 to $64.00 area.
Nutrien (NTR.TO) staged a major breakout yesterday, clearing $68.20, a resistance level which had been in place for over two years. This signals the start of a new upleg and confirms previous bullish Triple Top and Double Top breakouts remain active.
Next potential upside resistance tests on trend appears near $76.80, $81.50 and $88.25 on trend based on vertical and horizontal counts. Initial support appears near $63.01 based on a 3-box reversal.
With a bullish SMAX score of 8, NTR.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.