Thomson Reuters (TRI.TO) recently returned to the Green Favored Zone in the SIA S&P/TSX 60 Index Report for the first time since November. Yesterday, Thomson finished in 10th place, up 3 spots on the day and up 19 places in the last month.
Back in February, a breakaway gap on volume signaled a positive shift in sentiment toward Thomson Reuters (TRI.TO) shares. Since then, the shares have been under steady accumulation, completing two bullish Ascending Triangle patterns, closing every day above their 50-day moving average and establishing an uptrend of consistently higher lows. Yesterday, the shares gapped up on volume again to a new high, indicating continued investor interest.
Looking at measured moves from the triangles plus round numbers suggest the next potential upside resistance areas on trend appear near $144, $150, $159-$161, and $174-175. Initial support appears in the $133-$135 area, the boundaries of yesterday’s gap.
Since completing a bullish Double Top breakout back in April, Thomson Reuters (TRI.TO) shares have been consistently climbing, building a High Pole without even so much as a 3-box correction along the way, a sign of strong underlying investor support. This month, the shares have continued to climb, advancing to new all-time highs.
Next potential upside resistance appears near the $150.00 round number, followed by $169.50 and $183.45 based on horizontal counts. Initial support appears near $128.45 based on a 3-box reversal.
With a bullish SMAX score of 9, TRI.TO is exhibiting strength against the asset classes.
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