Sleep Country Canada (ZZZ.TO) has been in the Green Favored Zone of the SIA S&P/TSX Composite Index report since August, returning 17.5% over that time. Recently, relative strength has been increasing. Yesterday the shares finished in 28th place, up 6 spots on the day and up 11 positions in the last week.
A major breakout is underway in Sleep Country Canada (ZZZ.TO) shares which blasted through their 2017 peak near $37.50 to a new all-time high yesterday. This continues an upward trend of higher lows and bullish Ascending Triangle patterns and signals the start of a new advance.
Measured moves from recent trading ranges suggest potential upside resistance tests near $43.00, $43.50, $48.50, and $52.00, plus the $50.00 round number. Initial support appears near the $37.50 and $35.00 breakout points.
Continuing an upward trend of bullish pattern completions and higher correction lows, Sleep Country Canada (ZZZ.TO) shares have staged a particularly significant breakout recently over $38.15, overcoming their previous high-water mark, which had been in place since 2017. The combination of a new all-time high for the shares and another active Double Top breakout, confirms that a new upleg has commenced.
Vertical and horizontal counts suggest that next potential resistance may appear near $46.50, $48.40, or $50.35 (just above the $50.00 round number) on trend. Initial support appears near $35.95 based on a 3-box reversal.
With a bullish SMAX score of 9, ZZZ.TO is exhibiting strength against the asset classes.
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