Category: Daily Stock Report

A major breakout is underway in Bank of America shares. Since June, the shares have been trading between $36.50 and $43.50, consolidating gains made earlier in the year. Corrections were contained above the previous breakout point at the February 2020 peak, a sign of continuing underlying support. In the last couple of weeks, accumulation has resumed with the shares rallying up off a higher low. This week, the shares have broken out to a new all time high and have completed a bullish Ascending Triangle pattern, signaling the start of a new rally phase.

Oil producer Whitecap Resources (WCP.TO) continues to climb within the Green Favored Zone of the SIA S&P/TSX Composite Index Report. Yesterday it finished in 11th place, up 4 spots on the day and up 154 positions in the last month as energy stocks continue to attract support from rising oil and natural gas prices.

Live Nation (LYV) shares staged a major breakout on Friday, blasting through the top of a $75.00 to $95.00 sideways trading range which had persisted for the last six months. The shares also reached a new high and completed a bullish Ascending Triangle breakout on a jump in volume, indicating increasing investor interest.

Over the course of the spring and summer, Fertilizer producer Mosaic Company (MOS) price action trends downshifted from an upward trend into a sideways consolidation range between $28.25 and $38.25. Following two successful tests of support at the bottom of this range, the shares have been on an upswing lately, breaking through $34.25, which has become new support, and rallying up above $35.00.

A major breakout is underway in Vermilion Energy (VET.TO) shares which recently broke through $11.50 to reach their highest level since early 2020 and ending a six-month sideways consolidation phase.

The recent increase in relative strength for the Energy sector relative to other industries was particularly clear yesterday when several Energy stocks were among the few gainers in yesterday’s market selloff. MEG Energy (MEG.TO), for example, with a gain of 1.25% yesterday and 19.8% in the last week, continued to move up within the Green Favored Zone of the SIA S&P/TSX Composite Index Report. Yesterday MEG.TO finished in 9th place up 3 spots on the day and up 100 places in the last month.

Recent renewed interest in the Energy sectors appears to have expanded into alternative energy related stocks as well. Electric vehicle producer Tesla Motors (TSLA) returned to the Green Favored Zone of the SIA S&P 100 Index Report, continuing a summer relative strength recovery. Yesterday the shares finished in 23rd place, up 6 spots on the day and up 33 spots in the last month.

A summer correction in Imperial Oil (IMO.TO) has come to an end with the shares decisively turning back upward. Last week, the shares broke out over $36.50, completing a bullish Reverse Head and Shoulders base which had been forming since July. This neckline breakout builds on a successful retest of $30.00 support and the snapping of a downtrend line last month.

Interfor Corp. (IFP.TO) shares have come back under accumulation since establishing a higher low near $23.50 back in August. Earlier this month, they snapped out of a downtrend and confirmed the start of a new upswing with a breakout over $30.00.

With North American oil & gas producers bouncing back along with energy prices yesterday, Cenovus Energy (CVE.TO) continued to rebound within the SIA S&P/TSX 60 Index Report. Recovering from a summer drop into the red zone, the shares returned to the Green Favored Zone for the first time since July. Yesterday, CVE.TO finished in 14th place, up 8 spots on the day and up 29 spots in the last month.