The five-year weekly chart highlights just how technically important yesterday’s major breakout on volume by Crescent Point Energy (CPG.TO) is. Not only have the shares ended months of sideways consolidation, they completed a long-term base, breaking out to their highest level since the summer of 2018 and confirming a previous bullish Ascending Triangle breakout.
This year’s New Year’s rally, which extended the Santa Claus Rally that ran through the last ten days of 2021, has quickly come to a screeching halt. Investors appear to have quickly recognized that many of the issues which plagued sentiment in late November and early December not only haven’t gone away, they may actually be worsening. In this issue of Equity Leaders Weekly, we contrast recent action in the software and energy sectors as examples of rotation between equity market groups.
Receive a daily newsletter with stock highlights, ETF rankings, weekly market focus and others.
