Daily Stock Report

Tamarack Valley Energy Ltd - (TVE.TO) - May 31, 2022

Since joining the S&P/TSX Composite Index Report back in December, Tamarack Valley Energy (TVE.TO) has consistently been in the Green Favored Zone, returning 53.8% over that time. The shares had been drifting downward within the Green Zone for a while but have started to climb back up in recent days. Yesterday, TVE.TO finished in 30th place, up 8 spots on the day and up 13 positions in the last month. 

Earlier this month, a downtrend in Tamarack Valley Energy (TVE.TO) shares bottomed out in a selling climax where high volume selling pressure pushed the shares down under $4.50 for a few days. The shares then rebounded as selling volumes subsided and since then they have been steadily recovering, regaining their 50-day moving average and then $5.00.  

Yesterday, TVE.TO staged a major breakout, snapping out of a two-month downtrend which confirms the start of a new upswing. Initial resistance tests appear at previous peaks near $5.50, then $6.05, followed by a measured $6.75. Initial support has moved up to the $5.00 round number.  

May has been a big turnaround month for Tamarack Valley Energy (TVE.TO). Earlier in the month, a downtrend accelerated following a bearish triple bottom breakdown, but after finding support near $4.25, the shares have bounced right back. Regaining $5.00 and completing bullish Double Top and Spread Double Top breakouts indicating that accumulation has resumed and a new upswing is underway. 

Initial upside resistance appears at the previous peak near $5.75, then near $6.22 based on a horizontal count and $6.86 based on a vertical count. Initial support appears near $4.90 based on a 3-box reversal. 

With its bullish SMAX score increasing to 8, TVE.TO is exhibiting strength against the asset classes.  

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