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.
After spending three years from early 2017 to early 2020 in the red unfavored zone of the SIA S&P 500 Index Report, oilfield service provider Halliburton (HAL) has spent most of the last year in the Green Favored Zone. Yesterday, HAL finished in 102nd place, up 21 spots on the day and up 274 spots in the last month.
Back in February, Carnival Corp. (CCL) shares completed a bullish Ascending Triangle base with a breakout over $25.00. Yesterday, the shares blasted through the top of that trading range to signal the start of a new upleg within the recovery trend that started in March of 2020.
In just four months between November and March, Devon Energy (DVN) rocketed up from the bottom of the red zone to the top of the Green Favored Zone in the SIA S&P 500 Index Report. With oil prices on the rise and energy stocks attracting renewed interest lately, Devon Energy has returned to top spot in the report after rising 11 places yesterday and 195 places over the last month.
Miner Lithium Americas (LAC.TO) has rocketed up the rankings in the SIA S&P/TSX Composite Index Report in the last few days climbing up out of the red zone and entering the Green Favored Zone for the first time since joining the index back in March. Yesterday, LAC.TO finished in 53rd place, up 17 spots on the day and up 126 spots in the last week.
A major breakout is underway in Endeavour Silver (EDR.TO) shares which have ended a consolidation phase and started a new advance with a breakout over $8.50 that has completed a bullish Ascending Triangle pattern and confirmed that the underlying uptrend which started six months ago remains intact.
On the completion of a bullish Ascending Triangle base last fall, H&R REIT (HR.UN.TO) units soared for a few weeks, then took a few steps backward. Since establishing support near $12.00 back in February, the units have settled into a steady upward trend, advancing in a rising channel of higher highs and higher lows, trending above their 50-day average.
At yesterday’s Investor Day, Ford Motor Company (F) announced it is stepping up investment in electric vehicles to $30B over the coming five years which sparked an 8.5% gain in the share price. Not only have Ford shares recovered lost ground over the past year, trading volumes have remained significantly higher since the March 2020 lows, indicating increased investor interest.
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