Tesla Motors (TSLA) shares have turned decisively downward this week. Cracks in the previous uptrend first started to appear back in February then the shares broke below their 50-day moving average, then in an April bounce, they peaked at a lower high. This week, the shares have snapped an uptrend line and then confirmed the start of a new downtrend by falling below the $600 round number and taking out several winter weekly closes to complete a bearish Descending Triangle pattern.
For over a year, ERO Copper (ERO.TO) has been under accumulation, steadily advancing in a rising channel of higher highs and higher lows. In the last two weeks, accumulation has accelerated with the shares breaking out over their 2019 peak to new all-time highs on increased volume and completing a bullish Ascending Triangle pattern to signal the start of a new advance.
Positive technical signals continue to mount in Enerplus (ERF.TO) shares. Back in the winter, Enerplus completed a bullish Ascending Triangle base pattern and then snapped a downtrend line. In recent weeks, the shares had been consolidating between $6.00 and $7.50. Yesterday, the shares broke out to the upside once again, signaling the start of a new upleg.
Uranium producer Cameco (CCO.TO) has started to climb once again within the Green Favored zone of the SIA S&P/TSX 60 Index Report. Last week, the shares staged a major breakout, rallying up off of successful tests of trend support and the 50-day average, breaking through $24.00 to a new multi-year high and signaling the start of a new upleg.
Accumulation in Arc shares has accelerated in recent weeks with the shares climbing on rising volumes, a sign of increasing investor interest. This week, the shares have broken out over $8.50 to their highest level since early 2019, confirming recent bullish Ascending Triangle breakouts over $7.00 and $8.00 and signaling the start of a new upleg in the current recovery trend.
In the April 8th issue of Equity Leaders Weekly, we mentioned that the price of uranium was starting to climb, and yesterday we saw this commodity price recovery translate over into gains for uranium stocks such as Nexgen Energy (NXE.TO)
This five-year weekly chart highlights the strength of the current recovery trend in Tourmaline Oil* (TOU.TO) shares. Since snapping out of a long-term downtrend in the spring of 2020, the shares have been steadily advancing, establishing a steady uptrend of higher lows. This week, the shares have broken out over $27.00, to their highest level since early 2017, completing another bullish Ascending Triangle pattern and signaling the start of a new upleg.
Following an initial correction, the shares of FedEx (FDX) have come under renewed accumulation with higher lows between $235 and $295, forming a bullish Ascending Triangle. This week, the shares have completed the triangle, breaking out to a new all-time high above $300 and signaling a new advance has commenced.
Since we last mentioned Imperial Oil (IMO.TO) in the March 12th edition of the Daily Stock Report, the shares are up 10.7%, including a 4.8% gain on Friday after the energy producer reported improved earnings and raised its dividend. The shares continue to climb within the Green Favored Zone of the SIA S&P/TSX 60 Index Reports rising 2 spots on Friday to 3rd place.
Computer network equipment producer Extreme Networks (EXTR) continues to climb within the Green Favored Zone of the SIA S&P 600 SmallCap Index Report, as it rebounds from a brief drop into the yellow zone. Yesterday, the shares finished in 13th place, up 21 spots on the day and up 189 places in the last month.
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