Earlier this year, Whitecap Resources (WCP.TO) snapped out of a downtrend which had started back in 2017. Since March, however, the shares have been consolidating previous gains in the $5.00 to $6.75. Through this pause, a bullish ascending triangle of higher lows below $6.75 has been building, a sign that underlying accumulation remains intact.
Since bottoming out in March of 2020, Gildan Activewear* (GIL.TO) shares have been under steady accumulation, climbing in a rising channel of higher highs and higher lows. The shares have also completed a series of bullish Ascending Triangle breakouts, including one over $45.00 last week that signaled the start of another upleg.
Integrated energy giant ConocoPhillips (COP) recently returned to the Green Favored Zone in the SIA S&P 500 Index Report from a drop into the red zone. COP continues to climb up the rankings, finishing yesterday in 80th place, up 25 spots on the day and up 135 spots in the last month.
Inventory scanning, tracking and management technology producer Zebra Technologies (ZBRA) continues to climb within the Green Favored Zone of the SIA S&P 500 Index Report, bouncing back from a dip into the yellow zone. Yesterday the shares climbed 28 spots to 75th place and they have moved up 65 places in the last month.
Participating in a solar stock surge, Enphase Energy (ENPH) has returned to the Green Favored Zone of the SIA S&P 500 Index Report for the first time since March. A 7.4% gain yesterday propelled the shares up 95 spots to 52nd place. In the last month, the shares have climbed 281 places, rising up from the bottom of the red zone.
Occidental Petroleum (OXY) continues to steadily march toward the top of the Green Favored Zone of the SIA S&P 500 Index Report. On Friday, the shares finished in 7th place, up 3 spots on the day and up 245 places in the last month.
Toymaker Spin Master (TOY.TO) recently embarked on a new upswing within the Green Favored Zone of the SIA S&P/TSX Composite Index Report. Yesterday it finished in 17th place, up 10 spots on the day. Since we last mentioned Spin Master in the March 3rd issue of the Daily Stock Report, the shares are up $36.01.
Paypal Holdings (PYPL) has returned to the Green Favored Zone in the SIA S&P 100 Index Report for the first time since March, having rallied back up out of the red zone in recent days. Yesterday PYPL finished in 23rd place, up 4 spots on the day and up 31 places in the last month. Recently, the shares broke out of this range to the upside on volume, completing a bullish Ascending Triangle.
In this issue of Equity Leaders Weekly, we look at the internet and transportation sectors as examples of capital rotation within North American Equity Markets. In particular note how the theme of significant divergences continues to play out, which can impact indices differently depending on their composition.
Concert promoter Live Nation (LYV) recently returned to the Green Favored Zone of the SIA S&P 500 Index Report and continues to rise up the rankings. Yesterday it finished in 77th spot, up 30 places on the day and up 137 places in the last month.
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