Heavy equipment distributor Toromont Industries (TIH.TO) has been climbing back up the rankings in the SIA S&P/TSX Composite Index Report for the last month. Yesterday, it moved up 6 positions to 60th place to the top of the Yellow Neutral Zone, one position outside of the green zone where it has not been since September.
Another new all-time high achieved by Toromont Industries (TIH.TO) confirms that its two-year accumulation trend remains intact. Although the first year of the current uptrend had a steeper slope, the shares have remained well supported over the last year above support in the $100.00 to $104.00 area.
Since the last successful retest, the shares have been steadily climbing once again, clearing and then holding above their 50-day moving average which currently provides support near $110.00. The shares are currently approaching $120.00 with next potential resistance near the $125.00 round number and then $128.00 and $140.00 on trend based on measured moves from a recent trading range.
Toromont Industries (TIH.TO) has been on a bullish point and figure chart signal for two years, starting with a Double Top breakout in April of 2020 that has extended into a series of bullish High Poles. Toromont spent the winter of 2022 consolidating gains made last year, but appears to have embarked on another upleg, kicked off by a major breakout to a new high above $115.70, which completed a bullish Triple Top pattern.
Vertical and horizontal counts suggest next potential upside resistance may appear near $132.90 and then $143.85 on trend. Initial support appears near $109.00 based on a 3-box reversal.
With a perfect SMAX score of 10, TIH.TO is exhibiting strength across the asset classes.
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