A significant breakout is underway in Lightspeed POS (LSPD.TO) shares. For the last three months, the shares have been trending sideways between $67.00 and $93.50, digesting gains made in a previous rally. Yesterday, the shares broke out over $93.50 completing a bullish Ascending Triangle pattern and signaling the start of a new advance.
A significant breakout is underway in Shopify (SHOP.TO) shares. Last month, a downswing in the shares was contained by an underlying longer-term uptrend support line. Since then, the shares have been recovering and this week they cleared $1,600 on an uptick in volume, indicating renewed accumulation and confirming the start of a new upswing.
Diamondback Energy (FANG) has broken out over $85.00, signaling the start of a new upleg within a recovery trend that started in earnest last fall and was confirmed by the snapping out of a downtrend back in January.
Adobe Systems (ADBE) spent the last nine months stuck in a sideways trading range between $420 and $535. In the last few days, the shares have come under renewed accumulation, climbing on increasing volumes and have broken out to the upside, rallying to new all-time highs. This breakout has signaled the end of the recent consolidation phase and the start of a new rally phase.
The relative strength trend of advertising and marketing company Interpublic Group (IPG) has improved dramatically over the last year. Shares have been under steady accumulation, breaking through $22.50, a multi-year resistance level to confirm the start of a new uptrend, and consistently advancing from there. On Friday, they closed at a new all-time high, confirming ongoing investor interest.
Transcontinental (TCL.A.TO) has a major breakout underway this week with the shares rallying up off of $2.00, overcoming $24.50 resistance and regaining the $25.00 level on an increase in volume, all combining to indicate that accumulation has accelerated
ATS appears to be benefitting from increased interest in manufacturing technology this week after the US Senate passed a $250B spending package to support US semiconductor manufacturing and improve manufacturing technology for other sectors as well. Since we last mentioned ATS in the February 17th issue of the Daily Stock Report, the shares are up 14.3%. The S&P/TSX Composite Index is up 8.1% over the same time frame.
This three-year Cenovus Energy (CVE.TO) chart provides two textbook examples of how support and resistance levels can reverse polarity or toggle back and forth once broken. Cenovus spent two months trading between $9.00 support (a former resistance level) and $10.75 resistance (a former support level), before recently embarking on a new upleg with a breakout.
Over the last six months, shares of General Motors* (GM) have steadily advanced in a step pattern of rallies followed by periods of consolidation at higher levels. Last Friday, the shares broke out over $63.50 to a new high on a jump in volume, indicating a surge in interest from investors and signaling the start of a new rally phase.
After climbing four spots on Friday and 36 spots in the last month, online retailer eBay (EBAY) has returned to the Green Favored Zone of the SIA NASDAQ 100 Index Report. An all-time high close for eBay on Friday above $65.00 has completed a bullish Ascending Triangle breakout for the second time this year, signaling the start of a new upleg.
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