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.
Fertilizer producer CF Industries (CF) recently returned to the Green Favored Zone of the SIA S&P 500 Index Report for the first time since June and continues to climb toward the top of the relative strength rankings. Yesterday it finished in 17th place up 6 spots on the day and up 341 positions in the last month.
Ford Motor Company (F) has attracted renewed interest recently. After peaking in June, Ford spent the summer under distribution as shown by the trend of lower highs, but in the last six weeks, bulls started to re-assert themselves, successfully defending $12.50, a former resistance level. In September, bulls started to gain the upper hand again with a breakout over $13.50 snapping a downtrend line and causing a bearish descending triangle pattern to fail. Since then, the shares have continued to climb and yesterday they broke out over $14.75 on increased volume, confirming the start of a new upswing.
Prudential Financial (PRU) shares appear poised for a breakout. In a normal consolidation phase, the shares have been trending sideways in a $93.50 to $108.50 trading range since May, digesting an advance made earlier in the year. Last month, an attempt by bears to push the shares back under $100.00 support was quickly rejected and the shares have rebounded to retest the top of their current trading range.
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.
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