Author: Paul Kornfeld

Laurentian Bank (LB.TO) recently returned to the Green Favored Zone of the SIA S&P/TSX Composite Index Report for the first time since 2015 and only the second time since 2008. Yesterday, the shares finished in 45th place, up 9 spots on the day and up 13 spots in the last month. Since November, Laurentian Bank (LB.TO) shares have been recovering in a step pattern of rallies in increased volume, followed by periods of consolidation at higher levels, a sign of renewed accumulation. Earlier this year, the shares snapped out of a long-term downtrend. This week, LB.TO has launched up off of $40.00, on volume, clearing a long-term support/resistance/round number hurdle, and signaling the start of a new upleg.

A major breakout is underway in Intuitive Surgical (ISRG) shares. Over the last month, the shares have been climbing within a $680 to $825 trading range and this week they have broken out to a new high on increased volume indicating increased attention from investors and signaling the start of a new upleg within a year-long uptrend.

Base metal miner Labrador Iron Ore (LIF.TO) has consistently been in the Green Favored Zone of the SIA S&P/TSX Composite Index Report since October. Yesterday the shares climbed 3 spots to 14th place. By the time overall markets crashed in the winter of 2020, Labrador Iron Ore (LIF.TO) had already been trending downward for six months. The major market plunge accelerated the decline and since both bottomed out, Labrador shares have been steadily recovering.

Trucker Mullen Group (MTL.TO) continues to march upward within the Green Favored Zone of the SIA S&P/TSX Composite Index Report. Yesterday, the shares finished in 12th place, up 10 spots on the day and up 20 spots over the last month. Based on previous peaks, initial upside resistance appears near $15.00 and then $16.50. Initial support appears at the $13.50 recent breakout point.

Canadian Tire* (CTC.A.TO) recently returned to the Green Favored Zone of the SIA S&P/TSX 60 Index Report. Last week’s major breakout through the top of a $160-$180 channel to a new all-time high, not only signals the start of a new upleg, it continues a trend of positive technical signals that have emerged over the last year including breaking through its 50-day average a year ago, snapping a downtrend last October, then clearing $160 to claw back all its bear market losses and retesting it as new support between November and now.

So far this month, chipmaker Nvidia (NVDA) has climbed up from the red zone into the Green Favored Zone of the SIA S&P 100 Index Report. Yesterday the shares finished in 16th place, up 6 spots on the day and up 55 spots in the last month. Shares have staged a major breakout this week, decisively blasting through the top of a six-month trading range to a new all-time high on increased volume. This move signals that a six-month sideways consolidation trend is over and a new uptrend is underway.

Wells Fargo (WFC) has just returned to the Green Favored Zone of the SIA S&P 500 Index Report for the first time since the end of 2014. The shares climbed 6 spots yesterday on a 5.8% rally after the bank reported earnings and are up 29 spots in the last month.

Green vehicle producer Tesla (TSLA) continues to climb its way back up the rankings in the SIA S&P 100 Index Report, returning to the Green Favored Zone from recent dips into the red and yellow zones. Yesterday it moved up 18 spots to 7th place. At the start of this month, shares snapped a downtrend line, indicating accumulation was resuming, and yesterday, they confirmed that an upswing is underway with a decisive breakout on an uptick in volume over the $700 round number, which completed a bullish Ascending Triangle base.