Canada’s Baseball Monopoly $RCI- May 8, 2l023
This is Scott with your Chart of the Day. While I hope you are cheering on the Edmonton Oilers tonight, the Toronto Blue Jays are also one of Canada’s biggest sports attractions.
Now, you may not know this, but the company that owns the Toronto Blue Jays is also one of Canada’s biggest cell phone providers and communications companies, they are called Rogers Communications ( NYSE: RCI ). They kind of have a monopoly here in Canada. There are other companies, but let’s be honest, this is one of the big ones, and the chart pattern is setting up beautifully here.
As you can see, over the last couple of months, we have progressively higher lows and we are getting closer to a clear resistance and consolidation zone from the beginning of the year. So what I want to see from this chart, from RCI ( NYSE: RCI ), is a break of that $50.00 level on higher than average volume.
Now, today’s volume was pretty lackluster. And so what I want to see from this is a strong move through that level coming on volume. Now, you could probably get a little stock started close to the moving averages and then add with confirmation. I probably wouldn’t chase a breakout up here, I would want to at least get a little going close to these moving averages and then add with that confirmation higher.Free Chart