We don’t usually comment on stocks just before earnings reports, but the relative strength and technical action in computer chipmaker Advanced Micro Devices (AMD), who reports results after the close today, has been particularly intriguing. After climbing 13 spots yesterday and moving up 30 positions over the last month, AMD has returned to the Green Favored Zone of the SIA S&P 500 Index Report from a short dip into the yellow zone.
Finning (FTT.TO) staged a major breakout last week. For six months, the shares had been stuck in a sideways range between $30.00 and $34.50, consolidating a previous advance that had started with a bullish ascending triangle breakout last November. In the last few days, the shares have attracted renewed interest from investors, climbing on increased volumes. The shares then staged a big breakaway gap breakout through the top of the range and have continued to climb to new highs.
A major breakout is underway in Stantec (STN.TO) shares. Yesterday, the shares rallied up off of their 50-day average, staged a breakaway gap to the upside and soared to a new all-time high on a spike in volume, all combining to indicate a surge in investor interest. Measured moves from recent trading ranges suggest potential upside resistance tests appear near $83.50 and then $84.25. Initial support appears at the bottom of the gap near $61.50.
A very bullish technical setup has emerged in Canadian National Railway (CNR.TO) shares. Yesterday, the shares surged upward, starting off with a bullish breakaway gap to the upside, then blasting through $160.00 to a new all-time high, signaling the start of a new advance
Enphase Energy (ENPH) shares have come under renewed accumulation since the start of this month. Rallying up off of a higher low near $145.00, the shares regained their 50-day average and have continued to climb. Yesterday, the shares broke through $180.00 resistance and snapped a downtrend line, confirming that a new upswing is underway.
Since we last mentioned clothing retailer Aritzia* (ATZ.TO) in the August 25th issue of the Daily Stock Report, the shares have gained 24.1% and have remained near the top of the Green Favored Zone in the SIA S&P/TSX Composite Index Report. Yesterday, the shares moved up 5 positions to 2nd place.
After spending the summer stuck in a sideways consolidation range between $25.00 and $32.50, Teck Resources (TECK.B.TO) shares been under renewed accumulation since August. Earlier this month, the shares broke through $32.50, completing a bullish Ascending Triangle pattern and signaling the start of a new advance that has continued through to Friday’s record high close
Over the last few months, the shares have generated a number of positive technical signals including snapping a downtrend line and then completing a series of bullish Double Top, Spread Double Top and Spread Triple Top breakouts. This week, the shares have broken through their September 2020 peak to new all-time highs, confirming that a new advance is underway.
Accumulation in Lithium Americas (LAC.TO) shares has accelerated dramatically this week. In the last two days, the shares have launched up, snapping a downtrend line, causing a bearish descending triangle pattern to fail, and breaking out to a new all-time high, all on a spike in volume. Combining these indicators signal the start of a new advance.
Accumulation in Cameco Corp* (CCO.TO) resumed in a big way yesterday with the shares snapping a downtrend line and rallying on a spike in volume, a sign of renewed interest. Prior to this, a trading correction had been successfully contained above $25.00, were a round number, the 50-day moving average and a previous resistance level cluster.
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