Toymaker Spin Master (TOY.TO) recently embarked on a new upswing within the Green Favored Zone of the SIA S&P/TSX Composite Index Report. Yesterday it finished in 17th place, up 10 spots on the day. Since we last mentioned Spin Master in the March 3rd issue of the Daily Stock Report, the shares are up $36.01.
A major breakout is underway in Spin Master (TOY.TO) shares, which cleared $46.00 for the first time since 2018. This move signals the start of a new upleg and confirms that the uptrend which started with the snapping of a downtrend line back in March continues.
Initial resistance appears possible near $50.00, followed by $56.00 based on a measured move from a previous trading range, and then the 2018 peak near $60.00. Initial support moves up toward $43.50 which had been a recent minor resistance point.
With another bullish Double Top breakout underway, Spin Master (TOY.TO) shares have rallied to their highest level since 2018, confirming that the advance which started back in March continues.
Initial upside resistance appears near the $50.00 round number, then a previous column high near $52.15, followed on trend by $56.45 and $62.30 based on vertical counts, with the 2018 peak near $59.90 in between them. Initial support appears near $43.60 based on a 3-box reversal.
With a perfect SMAX score of 10, TOY.TO is exhibiting strength across the asset classes.
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