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.
Casino and hotel operator Caesars Entertainment (CZR) has been climbing back up the rankings in the SIA S&P 500 Index Report in recent weeks, returning to the Green Favored Zone. Yesterday, the shares finished in 89th place, up 33 spots on the day and up 260 spots in the last month. The technical picture for Caesars Entertainment (CZR) has started to improve in recent weeks.
On Friday, the shares of Teck Resources Ltd. (TECK.B.TO) staged a significant breakout, closing above $30.00 for the first time since June, to signal that the recent consolidation phase has ended and accumulation has resumed.
Uranium miner Cameco soared up the rankings in the SIA S&P/TSX 60 Index Report yesterday, climbing directly from the red zone to the Green Favored Zone by jumping 34 spots to 8th place in a single session.
Uranium stocks have been rising back up the rankings in the S&P/TSX Composite Index Report lately. In the last week, explorer Nexgen Energy has soared up from the red zone to the Green Favored Zone, rising 103 places in the last week to 14th place including a rise of 7 spots yesterday.
Shares of ATS Automation Tooling Systems Inc. (ATA.TO) have remained strong, and the uptrend has continued into new all-time highs. The shares currently sit in the #5 spot in the favored zone of SIA S&P/TSX Composite Index Report. With yesterday’s closing price of $45.62 this represents an 45.6% increase since we last commented on it when it entered the favored zone two and a half months ago.
Shares of Simon Property Group Inc. (SPG) look to be testing some important resistance at approximately the $135.00 area. If price can break above this area, it could signal the end of the sideways pattern that the shares have been in since early June and another potential upleg may resume. Support for the shares can be found at the $118.00 level.
OpenText Corp. (OTEX.TO), has been consistently advancing as of late within the S&P/TSX 60 Report. Currently ranked 23rd, OTEX.TO shares have moved up 31 spots over the past quarter and 20 spots over the past month, and they have returned 22.27% over the past 3 months..
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