Gildan Activewear* (GIL.TO) has been steadily advancing for over a year now, building an uptrend of consistently higher lows and completing a series of bullish pattern breakouts, including the current Double Top. Most significantly, the shares have recently regained the $50.00 level and broken through their 2019 peak which was near $51.40 to a new all-time high, signaling that a long recovery phase has ended and a new advance has started.
With the recent selling pressure against Tesla Motors (TSLA) apparently subsiding, the shares have returned to the Green Favored Zone of the SIA S&P 500 Index Report from a brief dip into the yellow zone. Yesterday the shares moved up 9 positions to 124th place.
Thomson Reuters (TRI.TO) has been under steady accumulation since breaking out in 2013, with only two significant speed bumps along the way, the broad market retreats of late 2018 and early 2020. The shares spent most of this year so far in a High Pole rally. Coming out of a small 4-box correction in September, their uptrend has resumed, especially since their recent Double Top breakout to a new all-time high.
Since bottoming out back in March, Home Depot (HD) has been under accumulation, steadily advancing in an uptrend of rallies followed by consolidation at higher levels. A spring rally was followed by a summer of consolidation that culminated in a bullish Ascending Triangle breakout last month. Since then, a bullish Flag pattern has emerged. The shares staged a sharp rally in October, followed by 3 weeks of sideways consolidation, and this week the shares have broken out into a second upleg. This breakout to new all-time highs has occurred on a jump in volume indicating increased investor interest.
Broader equity market momentum has slowed in the last few days but a look beneath the hood indicates significant strength in several sectors. In this issue of Equity Leaders Weekly, we take a closer look at sector action in the marketplace, particularly US homebuilding and Canadian junior gold stocks.
This 3-year candlestick chart highlights the strength of the current staircase accumulation pattern in Lowes Companies* shares with rallies followed by pauses at increasingly higher levels. The current rally phase kicked off with a rally on volume up off of $175 channel support followed by a successful retest of uptrend support near $200. Yesterday, the shares traded at a new all-time high above $250 intraday, indicating continuing investor interest.
Exercise clothing retailer lululemon (LULU) has been steadily climbing up the rankings in the SIA NASDAQ 100 Index Report, recently returning to the Green Favored Zone for the first time since September of 2020. Yesterday, the shares finished in 16th place up 13 positions in the last month.
Oceanagold (OGC.TO) is one of the first gold producers to return to the Green Favored Zone of the SIA S&P/TSX Composite Index Report since gold and silver broke out last week and ignited renewed interest in precious metal miners and explorers. Yesterday, the shares finished in 51st place, up 6 spots on the day and up 130 positions in the last month.
Accumulation accelerated dramatically in Shopify (SHOP.TO) shares on Friday. An 11.5% Friday pop on volume would have been enough to signal new interest but combining that with a rally up off the 50-day average, regaining $2,000 and blasting through its July peak to a new all-time high all indicate that a new upleg has started and confirm that the previous summer downtrend has ended.
With a major breakout over the $100.00 round number this week, Computer data storage and hard drive producer Seagate Technology (STX) has successfully completed six months of consolidation and kicked off a new upleg within a continuing long-term uptrend.
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