Packaged food producer JM Smucker (SJM) has been climbing up the rankings in the SIA S&P 500 Index Report for about six months now and recently returned to the Green Favored Zone for the first time since March of 2020 and after spending most of the last six years stuck in the red zone. Yesterday it finished in 113th place, up 20 positions on the day and up 113 spots in the last month.
Accumulation in JM Smucker (SJM) shares have accelerated since January of 2021 when a rally up through $120 successfully completed a bullish Ascending Triangle pattern and a 3 ½ year period of base building. Since then, the shares have been under consistent accumulation advancing in a Rising Channel of higher highs and higher lows. At the end of last year, the shares broke through their 2016 peak to new all-time highs. A subsequent correction bottomed out at another higher low and the shares have since rebounded.
Currently testing their previous high near $147.50, a close above there or the $150 round number would signal the start of a new upleg with next potential resistance near $155-$156, then near $167 on trend based on measured moves from recent trading ranges. Initial support appears near $133 then the $125 round number.
In early 2021, JM Smucker (SJM) shares broke out of a base that had been developing since 2018. For the last year, the shares have remained under accumulation, continuing an upward trend of higher lows and positive pattern completions. Earlier this year, the SJM completed a bullish Spread Double Top breakout.Currently, SJM is bumping up against its previous high. A close above $147.65 would complete a bullish double top pattern and signal the start of a new upleg. Should that occur, next potential upside resistance may appear near $159.80 or $173.00 on trend based on horizontal and vertical counts. Initial support appears near $133.70 based on a 3-box reversal. With its bullish SMAX score increasing to a perfect 10, SJM is exhibiting strength across the asset classes.
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