Daily Stock Report

Nutrien Ltd. - (NTR.TO) - June 30, 2022

Earlier this month Nutrien Ltd. (NTR.TO) shares moved into the yellow neutral zone combined with a negative SMAX score of 4 producing a sell signal when following the SIACharts methodology. As of yesterday's close NTR.TO has moved down 76 spots over the rolling quarter, and 43 spots over the past month within the TSX Capped Composite Index Report. 

After an 8 month run within the green favored zone which produced approximate returns of 36.36% Nutrien is now in a solid downtrend after peaking on April 18, 2022 at a price of $147.93. Since then shares have been making lower highs and lower lows heading back down towards the weekly trendline drawn from the COVID lows of March 16th, 2020.

Initial upside resistance appears at $119.50 where price held three times before breaking to the downside. Above that is $133.50. Support comes in initially at $96.25 where a strong daily rally broke out from on Feb 24, 2022 and below that $85.00 where the rally was initiated. 

In the middle of May, 2022 Nutrien Ltd. (NTR.TO) shares were consolidating after a large 40% increase from January 18th - March 10th. However after reaching a slightly higher peak on April 18th the shares started to slide downwards completing a powerful bearish spread double bottom breakout on June 6th,  

Currently initial resistance appears near $114.18 based on a 3-box reversal. and above that at $133.78. Support comes in down at the prior double top breakout after of $95.54 and below that at the $85.00 round number.

With a bearish SMAX score of 4, NTR.TO is no longer exhibiting strength against the asset classes. 

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