Morgan Stanley currently sits in 6th place in the SIA S&P 100 Index Report near the top of the Green Favored Zone. MS had been building a consolidating range between $60 and $65 over the last month before its breakout out of this channel yesterday.
Next potential resistance on trend appears around $70. Support is at the bottom of this consolidation around $62 and at $56 from past highs earlier this year.
We highlighted Gildan Activewear (GIL.TO) in early October when it was trading at $27.92, and since then, it has continued in the Double Top chart pattern in a column of X’s to where it is currently trading at around $35.79. It has now moved up to the resistance highlighted at $37.11, which is also in line with the downwards trend line started from its prior high in 2019.
PayPal Holdings Inc. (PYPL) has moved up 85 spots over the past week within the S&P 500 Index Report surging to new all time highs. Prior resistance has turned into support around $211 area where a breakout and retest occurred earlier this month when viewing the candle stick chart.
Shares of Calgary based energy company Whitecap Resources Inc. (WCP.TO) have moved up 562% off their March all time low and into continued strength coming from renewed interest in the energy sector. Whitecap currently resides in the #1 spot of the Green Favored Zone within the SIA S&P/TSX Capped Composite Index Report after moving up 25 spots over the past quarter.
In this week’s issue of Equity Leaders Weekly, we look at the recent strength of Copper and the breadth of the U.S. Equity markets with the S&P 500 Index.
The last time we looked at FedEx Corp. (FDX) was on Aug 10th after shares had advanced 17.1% since entering the Favored Zone of the SIA S&P 500 Index report at a price $156.66 on July 1st . Today we see the shares have continued to remain in the Favored Zone with a closing price of $285.73 which now translates to a 82.4% price appreciation since the beginning of July.
Moderna Inc. shares first entered the favored Zone in mid September at approximately $70.00 per share. The shares traded sideways for approximately a month and a half before breaking out to new all-time highs in mid November.
Uranium producer Cameco Corp. (CCO.TO) returned to the Green Favored Zone of the SIA S&P/TSX 60 Index Report for the first time since July on Friday. The shares are currently in 11th place after climbing 5 spots on Friday and 49 positions in the last month.
Crescent Point Energy (CPG.TO) recently returned to the Green Favored Zone of the SIA S&P/TSX Composite Index Report for the first time since August. The shares are currently in 35th spot after climbing 10 places yesterday and 94 positions in the last month.
In this week’s issue of Equity Leaders Weekly, we look at what recent breakouts in the telecom and biotech sectors are telling us about market breadth and investor confidence.
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