Financial Services provider Sun Life (SLF.TO) sits only 5 spots outside the green Favored Zone after climbing 9 spots over the past month in the neutral zone.
After consolidating sideways in the low $50’s, Sun Life (SLF.TO) pushed higher in short order into the high $50 range, with the 50 day moving average closing in on the 200 day. However, it does appear to have met a touch of resistance. Support may be found at the 200 day moving average, or back down in the low $50s.
After breaking out to the upside and through a downtrend line on the 1% chart, Sun Life (SLF.TO) sits at $55.96 as of the close on August 17, 2020. Recently accelerating into the high $50’s, SLF.TO seems to have taken a break at minor resistance of $57.16. If selling pressure were to continue, watch for support at $54.38, then again at $52.78. However, if SLF.TO is to resume it’s uptrend, watch for resistance at $59.48, then again right near its all time high in the mid $60 range.
With its bullish SMAX score of 9, SLF.TO is exhibiting near-term strength against the asset classes.
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