Daily Stock Report

TransAlta Corp. - (TA.TO) - June 14, 2022

Electric power producer Transalta Corp (TA.TO) was one of only eleven stocks in the SIA S&P/TSX Composite Index Report to post a gain yesterday. Transalta returned to the Green Favored Zone at the beginning of May from a short dip down into the red zone. Yesterday it climbed 2 positions to 38th place. 

Since October of last year, Transalta (TA.TO) has been consolidating previous gains between $12.00 and $14.50. Support at the bottom boundary was confirmed by a successful retest back in February and since then, the shares have been climbing. Currently they are hanging around $14.50 but it looks like a close above $14.75 may be needed to confirm the start of a new upleg. 

Should that occur, a measured moved suggests next potential resistance near $17.00. Initial support has moved up to the 50-day moving average near $14.00. 

Resolving six months of consolidation with a breakout to the upside, Transalta (TA.TO) has come under renewed accumulation. The current advance started back in April and along the way, the shares have completed a series of bullish patterns including a Double Top and Two Spread Double Tops. 

Next potential upside resistance on trend appears near $16.35, $17.35 and $18.40 all based on horizontal counts. Initial support appears near $13.40 based on a 3-box reversal. 

With a bullish SMAX score of 8, TA.TO is exhibiting strength against the asset classes.   

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