Daily Stock Report

Stantec Inc. - (STN.TO) - October 22, 2021 

Stantec (STN.TO), an engineering company, bounced back up into the Green Favored Zone of the SIA S&P/TSX Composite Index Report yesterday after moving up 15 spots to 46th place. The shares soared 9.6% yesterday on the news of a new acquisition rallying up off of their 50-day average, staging a breakaway gap to the upside and soaring to a new all-time high on a spike in volume, all combining to indicate a surge in investor interest. Measured moves from recent trading ranges suggest potential upside resistance tests appear near $83.50 and then $84.25. Initial support appears at the bottom of the gap near $61.50. 

 Since November of 2020, Stantec (STN.TO) has been under accumulation, advancing in a series of three bullish High Poles with only moderate corrections of 3-4 boxes along the way. This week, the shares ended a consolidation phase and launched into a new advance with a breakout over $65.35 which completed a bullish Double Top pattern. 

Horizontal and vertical counts suggest next potential upside resistance tests may appear near $72.15, $78.10, and $86.20 on trend. Initial support appears near $62.80 based on a 3-box reversal. 

With its bullish SMAX score increasing to 9, STN.TO is exhibiting strength against the asset classes. 

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