FedEx (FDX) shares are trading down 5.9% this morning after the company reported disappointing earnings, but its relative strength has been deteriorating since July. Since exiting the green zone, the shares have been steadily falling down the rankings in the SIA S&P 500 Index Report and have lost about 10.4% of their value. In the last month, the shares have dropped 12 spots to 62nd place and have slumped into the Red Unfavored Zone.
With metals stocks coming under pressure yesterday as commodity prices fell, steelmaker Nucor (NUE) tumbled out of the green zone in the SIA S&P 500 Index Report and into the Yellow Neutral Zone for the first time since March. Yesterday the shares finished in 178th place, down 135 spots on the day, and down 177 spots in the last month.
Last month, shares of Thermo Fisher Scientific (TMO) broke through the top of their channel near $530, ending a consolidation phase and signaling the start of a new rally phase. Since then, the shares have continued to climb. On Friday, they gapped up to a new all-time high on a spike in volume, indicating increased investor interest.
Since a correction bottomed out back in May, Etsy shares have been steadily recovering, establishing support at higher lows, snapping out of a downtrend and regaining $200.00. Earlier this month, the shares completed a bullish Ascending Triangle pattern breaking through $212.50 which has since reversed polarity to become initial support. Yesterday, the shares closed at their highest level since May and a breakout over $225.00 would confirm the start of a new upleg.
In August, shares of Methanex Corp. (MX.TO) completed a bullish Falling Wedge pattern, snapped out of a downtrend and confirmed the breakout by regaining $45.00. The shares have continued to climb into September and yesterday, they broke out over $50.00 to confirm their uptrend continues.
In the last few days, shares of KLA Corp. (KLAC) have been climbing on increasing volume, a sign of renewed accumulation. Yesterday, they broke out to a new all-time high, resolving a sideways consolidation channel to the upside and also completing a bullish Ascending Triangle pattern, signaling the start of a new rally phase.
Enerplus (ERF.TO) continues to turn the corner, closing at its highest level since July with a 6.6% one-day rally on increased volume (lower circle) indicating renewed investor interest. The shares have already snapped a downtrend line which signaled the start of their turnaround.
A major breakout is underway in Tractor Supply (TSCO) shares. TSCO spent half of the spring and most of the summer stuck in consolidation mode, trading between $170 and $200. Through this period, the shares remained above their longer-term uptrend support line, keeping it intact. In the last few days, accumulation has accelerated with the shares rallying up off of $190 on increasing volumes.
A recent correction in Moderna (MRNA) shares appears to have run its course with support coming in near $350. Following a successful retest, accumulation appears to be resuming with the shares climbing back up above $450.
Yesterday, the shares of GFL Environmental Inc. (GFL.TO) touched a new intraday high. A close above $45.80 would confirm the completion of a bullish Ascending Triangle pattern and the start of a new advance.
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