A major breakout is underway in Endeavour Silver (EDR.TO) shares which have ended a consolidation phase and started a new advance with a breakout over $8.50 that has completed a bullish Ascending Triangle pattern and confirmed that the underlying uptrend which started six months ago remains intact.
On the completion of a bullish Ascending Triangle base last fall, H&R REIT (HR.UN.TO) units soared for a few weeks, then took a few steps backward. Since establishing support near $12.00 back in February, the units have settled into a steady upward trend, advancing in a rising channel of higher highs and higher lows, trending above their 50-day average.
Upward and downward swings seen in several markets over the last week have provided additional evidence to suggest that a common seasonal consolidation phase has commenced. In this issue of Equity Leaders Weekly, we look at how the NASDAQ and how it appears to be pointing towards a sideways spring and at Silver Futures and the recent resurgence in precious metals.
At yesterday’s Investor Day, Ford Motor Company (F) announced it is stepping up investment in electric vehicles to $30B over the coming five years which sparked an 8.5% gain in the share price. Not only have Ford shares recovered lost ground over the past year, trading volumes have remained significantly higher since the March 2020 lows, indicating increased investor interest.
After joining the SIA S&P 500 Index Report back in March, hotel and casino company Caesars Entertainment (CZR) briefly dipped into the yellow zone but since late April, CZR has been steadily climbing up the rankings within the Green Favored Zone. Yesterday the shares finished in 27th place, up 15 spots on the day and up 110 spots in the last month.
Morgan Stanley* (MS) climbed two spots within the SIA S&P 100 Index Report to finish in 7th place. Since returning to the Green Favored Zone in November of 2020, MS shares have gained 52.5%. Yesterday, the shares broke out to a new all-time high signaling the start of a new rally phase that would be confirmed by a breakout over the $90.00 round number.
A major, multi-year breakout is underway in Canadian Western Bank (CWB.TO) shares. For the last year, the shares have been clawing back their COVID Crash losses, advancing in a rising channel of higher highs and higher lows. This month, the shares have completed their recovery and have broken out to the upside, clearing $35.00 to complete a massive Ascending Triangle base, and breaking out to their highest level in over three years, signaling the start of a new advance.
Stock markets struggles into May have broadened out into other asset classes in the last week, suggesting that following a huge run over the last year, we may be seeing a trading correction or retrenchment unfold. In this issue of Equity Leaders Weekly, we look at recent action in Bitcoin and relative strength among equity market sectors as indicators of the current state of investor sentiment.
Boosted by a stronger than expected earnings report, US retailer Target (TGT) rallied 6.0% yesterday and climbed three spots within the Green Favored Zone of the SIA S&P 100 Index Report to 13th place. Since last summer, Target shares have been steadily advancing in a step pattern of rallies followed by periods of consolidation at higher levels.
Drugstore chain CVS Health (CVS) has seen its relative strength improve significantly recently, this month, the shares have snapped out a long-term downtrend within the SIA S&P 100 Index Report and have moved up into the Yellow Neutral Zone from the red zone for the first time since January of 2020. Yesterday, CVS finished in 37th place, up 12 places on the day and up 37 places in the last month.
Receive a daily newsletter with stock highlights, ETF rankings, weekly market focus and others.
