In February 2023, shares of Algoma Steel Group Inc. (ASTL.TO) were close to entering the Favored Green Zone only to retreat, while its winter run in 2024 was more successful as it rallied well up into the Favored levels only to retreat once more. Six months later and here we are again with shares now back in a Favored position at #54, up 80 spots in the past week and a whopping 114 rungs in the past month.
FirstService (FSV.TO) shares have slowly but steadily moved down the rankings in the SIA S&P/TSX 60 Index Report. They exited the red zone in March 2023 and climbed toward the top of the Yellow Neutral Zone, where they remained for the rest of 2023 and April 2024. However, they were unable to enter the Favored Green Zone and faced resistance, falling back into the Unfavored Red Zone, currently holding 41st place.
Pembina Pipeline Corp. (PPL.TO) has once again achieved Favored Green status in the SIA S&P/TSX 60 Report, now positioned at 14th place, climbing 7 spots in the past quarter and 3 spots just in the past week. The stock has steadily strengthened since last fall, entering the Neutral Yellow Zone in early September 2023 when it traded at $40.
Shares of energy darling Tourmaline (TOU.TO) exited the Favored Green Zone of the SIA S&P/TSX 60 Index Report in November 2023 as they came under distribution, alongside other natural gas producers. For the first half of 2024, the shares remained in the Unfavored Red Zone but began climbing the relative strength ranks, reaching the top of the Neutral Yellow Zone in the spring. Unfortunately, the shares are now underperforming the market again, sinking back into the Unfavored Red Zone, currently positioned at #46, slipping 21 spots in the past month.
Kinross Gold (K.TO) is leading not only in the gold sector but across Canada’s stock market. It holds the top spot in both the SIA S&P/TSX 60 Index and the SIA S&P/TSX Composite Index reports. Since reentering the Favored zone at the end of March, its shares have soared by 54.0%, while the broader market has risen by only 3.7%.
Between early April and mid May, Advanced Micro Devices (AMD) sank down the rankings of the SIA NASDAQ 100 Index Report from the Green Favored Zone into the red zone. Over the last two months, it’s relative strength has recovered and yesterday, AMD returned to the Green Favored Zone, finishing in 25th place, up 7 spots in the last week and up 15 positions in the last month.
Visa continues to drift downward in our S&P 100 relative strength matrix and in the last month the shares have dropped 9 more positions to 57th place, returning to the Red Unfavored Zone for the first time since January of 2023. Over the last three months, Visa is down 3.5% while the S&P 100 Index is up 12.0%.
We last reported on Dundee Precious Metal Inc. (DPM.TO) in late March, when the shares had just completed a quadruple top breakout and were challenging resistance at $10.50, setting up for a technical price objective between $11.55 and $12.25. Fast forward to today, and we find ourselves at the resistance level of $12.19 with the shares now sitting at +45.27% YTD and +17.36% over the last three months.
Pason Systems (PSI.TO) re-entered the Favored Green Zone of the SIA S&P TSX Completion Index Report in early June, as it challenged and ultimately had a breakthrough of long-standing resistance at the $16 level, dating back to 2015.
With a robust performance in 2023, PSI.TO delivered impressive returns of nearly 65% over the past year, accompanied by a year-to-date return of 15%.
In this edition of the Equity Leaders Weekly we are going to look at the one of Emerging International Markets by checking out the India Market using the Invesco India ETF (PIN) and we will also look at the Gold Continuous Contact (HG.F) to see what it is telling us about inflation, investor sentiment and capital flows.
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