Yesterday Oracle (ORCL) shares staged a major breakout to a new high as it punched through $125.00 and rallied toward $140.00 together with a jump in volume, indicating renewed interest and the start of a new advance.
Yesterday Oracle (ORCL) shares staged a major breakout to a new high as it punched through $125.00 and rallied toward $140.00 together with a jump in volume, indicating renewed interest and the start of a new advance.
Apple (AAPL) shares have staged a classic breakout pattern over the last few weeks. From August through May, Apple trended sideways in a range between $165.00 and $195.00 consolidating previous gains. Last month, the shares broke down through the bottom of this range by one row on the Point & Figure chart in what looks like a shakeout. Then AAPL shares reversed sharply upward to complete a rare and textbook Bear Trap pattern.
General Motors (GM) has been under renewed accumulation since November of 2023. For over six months, the shares have been steadily climbing, completing multiple bullish patterns and snapping a downtrend line. This week’s breakout over $46.00, a key support/resistance level, signals that a new upleg has started.
GoEasy (GSY.TO) has been under accumulation for over a year now, advancing through a series of rallies followed by periods of consolidation at higher levels. Last week, the shares called off another correction and broke out to a new 52-week high, completing a bullish Double Top pattern and signaling the start of a new uptrend.
Yesterday, Stella Jones moved up 6 spots to 58th place, two spots away from a return to the Favored Green Zone. The last time Stella-Jones was in the Green zone (Mar 23- Feb24), it gained 34.9% vs. 5.9% for the S&P/TSX Composite Index over the same time period.
The first week of June has delivered significant shifts in capital flows among various asset classes. In this edition of Equity Leaders Weekly, we look at utilities sectors as a sign of changing sentiment along with the recent correction in the price of crude oil.
DR Horton (DHI) reached the top 5 in the SIA S&P 500 Index Report back in January. Since then, it has been steadily sinking in the relative strength rankings, and yesterday it dropped back down into the Yellow Neutral Zone for the first time since October. A breakdown below $139.50 would complete a bearish pattern and confirm the start of a new downtrend.
MEG Energy Corp. (MEG.TO) has dropped out of the green zone into the Yellow Neutral Zone of the SIA S&P/TSX Composite Index Report and is currently sitting in 65th place. Its drop of 53 positions in the last month is the second worst out of the 35 Energy stocks in the index, and its 9.5% price decline over the last month is the worst of the bunch.
After remaining highly ranked from August through April, Badger Infrastructure has seen its relative strength erode over the last month. Yesterday, BDGI.TO returned to the Red Unfavored Zone after falling 54 positions in the last month to 120th place.
A big winter rally in Salesforce.com (CRM) shares peaked back in March and since then they have been under distribution. Following an initial April decline, bulls were only able to muster up a small bounce before bears took over again.
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