Specialty retailer Sleep Country (ZZZ.TO) moved up 5 spots yesterday within the Green Favored Zone of the SIA S&P/TSX Composite Index Report and is up 12 spots in the last week.
Sleep Country (ZZZ.TO) has been under steady accumulation since bottoming out earlier this year. Over the summer, the shares snapped out of a long-term downtrend and established higher support in the $19.00 to $20.00 range. In the last few days, the shares have started to advance again, breaking through $22.00 to trade at their highest level so far in 2020, while support has moved up toward $21.00.
Initial resistance appears near $22.50 where a breakout would signal the start of a new upleg that could potentially fill in an old gap with next resistance possible between the $25.00 round number and a measured $25.50.
A major breakout is underway in Sleep Country (ZZZ.TO) shares. Yesterday’s rally up through $22.10 completed a bullish Spread Triple top pattern, and confirmed a previous bullish Double Top, signaling the start of a new upleg. Next potential upside resistance on trend appears near the $25.00 round number, then $28.00 and $29.75 based on horizontal counts. Initial support appears near $20.40 based on a 3-box reversal.
With a bullish SMAX score of 8, ZZZ.TO is exhibiting near-term strength against the asset classes.
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