Heavy equipment dealership Toromont Industries (TIH.TO) has returned to the Green Favored Zone of the SIA S&P/TSX Composite Index Report after moving up 8 spots yesterday and 43 spots in the last month.
Since bottoming out back in March, Toromont Industries (TIH.TO) shares have been under steady accumulation, completing a series of bullish Ascending Triangle breakouts and successful retests of these breakout points as new support levels.
Rallying up off of a successful retest of $75.00 support (cluster of a round number, 50-day average and previous breakout point). TIH.TO broke through $80.00 yesterday to another new high, confirming that its current uptrend continues. Next potential upside resistance appears near $87.50, $92.50 and $97.50 based on measured moves, then the $100.00 round number.
A successful retest of a previous breakout point near $65.00 back in July ended up serving as the launch pad for a recent rally in Toromont Industries (TIH.TO) shares that has carried them to a Double Top breakout over $75.00 and up through $80.00 to a new all-time high.
Next potential resistance tests on trend appear near $85.30, $94.15, and $99.95, based on vertical and horizontal counts with the last aligning with the $100.00 round number. Initial support appears near$74.25 based on a 3-box reversal.
With a perfect SMAX score of 10, TIH.TO is exhibiting near-term strength across the asset classes.
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