Daily Stock Report

WESTSHORE TERMINALS (WTE.TO) - September 6, 2022

Coal port operator Westshore Terminals (WTE.TO) dropped down into the Yellow Neutral Zone within the SIA S&P/TSX Composite Index Report on Friday for the first time since July of 2021. During the year-plus Westshore spent in the green zone, it returned 33.2%. On Friday it finished in 65th place, down 13 spots on the day and down 39 positions in the last month.   

Westshore Terminals (WTE.TO) staged a major breakdown on Friday. Since peaking in June, Westshore has started to come under distribution. On Friday, WTE.TO broke down below $30.00, taking out round number support, and its June low, completing a bearish Descending Triangle pattern and confirming the start of a new downtrend. 

Next potential downside support appears near $24.00-$25.00 near previous lows and an uptrend support line, then the $20.00 round number, a key support/resistance level. Initial rebound resistance appears in the $32.00-$33.00 area near the 50-day average and a new downtrend line. 

A decisive downturn appears to be underway in Westshore Terminals (WTE.TO) shares. A major uptrend that carried the shares from near $10.00 in March of 2020 to a peak near $37.50 first faltered in June, then settled into a $30.00 to $3.50 range over the summer. Last week, the shares broke to the downside, taking out their June low, completing bearish Quadruple Bottom and Spread Double Bottom patterns, signaling the start of a new downtrend. 

Horizontal counts suggest potential support between $22.00 and $23.30, then closer to $20.00 where a round number and a long-term 45-degree support line converge. Initial resistance appears near $32.05 based on a 3-box reversal.  

With a bearish SMAX score of 3, WTE.TO is exhibiting weakness against the asset classes.

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