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.
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.
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