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.
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.
Receive a daily newsletter with stock highlights, ETF rankings, weekly market focus and others.
