A major breakout is underway in Apple (AAPL) this week with the shares blasting through $145 to a new all time high, with the completion of a bullish Ascending Triangle ending a consolidation phase and signaling the start of a new advance. This move also indicates that the uptrend which started back in March of 2020 but slowed earlier this year has resumed in earnest.
In this issue of Equity Leaders Weekly, we look at what diverging index action in the US is telling us about investor sentiment, and at recent cracks in the energy sector.
A major breakout is underway in Estee Lauder (EL) shares. For over a year, the shares have been trending upward in a step pattern of rallies followed by periods of consolidation at higher levels. Consistently higher lows indicate steady accumulation and consistent investor support.
Boardwalk REIT has returned to the Green Favored Zone of the SIA S&P/TSX Composite Index Report for the first time since 2018. Since bottoming out in March of 2020, shares have been steadily recovering lost ground, advancing in a step pattern of rallies followed by consolidation at higher levels, and completing a series of bullish Ascending Triangle patterns.
Back in May, Albemarle (ALB) shares broke out of a Symmetrical Triangle which suggested they were resuming a long-term uptrend after a correction. Yesterday, the shares blasted through two resistance levels, including their previous peak set back in January to a new all-time high on a big jump in volume, completing two bullish Ascending Triangle patterns, indicating strong new investor interest and signaling the start of a new advance.
Diversified property owner (retail, industrial, commercial) Cominar REIT (CUF.UN.TO) has returned to the Green Favored Zone of the SIA S&P/TSX Composite Index Report for the first time since a short blip in March of 2020. The chart shows that since 2008 CUF.UN.TO has spent most of its time in the yellow or red zones, so this move appears particularly significant. In general, real estate companies have been climbing up the rankings in their broad market reports recently.
A major breakout is underway in FirstService (FSV.TO) shares. Back in April, the shares peaked between a $216 closing high and a $220 intraday high. Since then, the shares have been in consolidation mode but through that, the establishment of higher lows has signaled that underlying accumulation continues. The shares have now closed above $216 and moved intraday above $220 indicating growing interest, a close above 220 would complete a bullish Ascending Triangle and confirm the start of a new upleg.
Between the end of the quarter, the start of summer and holidays in the US and Canada, the last week has been one of the quietest for equity markets in a long time. The coming ten days, however, have the potential to be quite different, as we move into July earnings season which historically has seen equities bounce back from spring corrections. In this issue of Equity Leaders Weekly, we take our monthly look at the Sector Scopes feature, and at what recent gains for the semiconductor sector are telling us about investor sentiment.
Oracle Corp (ORCL) has returned to the Green Favored Zone in the SIA S&P 100 Index Report for the first time in nearly a decade, since 2011 after climbing 4 spots yesterday and 8 spots in the last week to 34rd place. Since the start of this month, shares have been attracting new interest from investors, rallying up off of their 50-day moving average on increasing volumes. Yesterday, the shares staged a major breakout, blasting through $85.00 to a new all-time high, completing a bullish Ascending Triangle pattern and signaling the start of a new upleg.
Microsoft (MSFT) has broken out of a relative strength downtrend, recently climbing toward the top of the Yellow Neutral Zone in the SIA S&P 100 Index Report. Completing a bullish Ascending Triangle with a breakout over $230.00, shares have not looked back, establishing an uptrend of higher lows through the first half of 2021. Recently, the shares embarked on a new upleg with another bullish Ascending Triangle breakout over $262.50, which has continued through yesterday’s all-time high close near $277.75.
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