TFI International Inc. (TFII.TO) has returned to the Green Favored Zone in the SIA S&P/TSX Composite Index Report back on July 12, 2022, at a price of $112.69. Today, the price of the shares are at $133.30 which is already representing an 18.3% return in 3 weeks since entering the Favored Zone. Currently the shares occupy the 8th spot in the TSX Composite Index, up 1 spot in the last day and up 92 spots in the past month.
In looking at the attached Candlestick chart, the shares found a bottom at approximately the $95.00 area back earlier in June. Since that time, the shares have rallied, and we now see the shares have broken above a key resistance point when the price closed above the $110.00 area.
Next potential resistance can now be found at the $140.00 level. Support can be found at the $116.00 level.
In the attached Point and Figure chart at a 2% scale, we see the shares experienced a very strong uptrend from April 2020 all the way until October of 2021 when the shares topped out at the $148.00 area. Since that time, the shares have pulled back and was in distribution phase before finally finding a bottom earlier in June at approximately the $94.00 range. Now we see a strong move to the upside so far this summer with the shares quickly approaching its peak of $148.00 it reached back in October 2021.
There is upcoming resistance at the $140.00 area and, above that, next resistance is at the $148.00 peak. Support can be found at the 3 box reversal of $121.91 and, below that, the $100 psychological level.
With an SMAX of 8 out of 10, TFII.TO is showing near term strength against all asset classes.
Disclaimer: SIACharts Inc. specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investors investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIACharts Inc. nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.