Category: Daily Stock Report

After joining the SIA S&P 500 Index Report back in March, hotel and casino company Caesars Entertainment (CZR) briefly dipped into the yellow zone but since late April, CZR has been steadily climbing up the rankings within the Green Favored Zone. Yesterday the shares finished in 27th place, up 15 spots on the day and up 110 spots in the last month.

Morgan Stanley* (MS) climbed two spots within the SIA S&P 100 Index Report to finish in 7th place. Since returning to the Green Favored Zone in November of 2020, MS shares have gained 52.5%. Yesterday, the shares broke out to a new all-time high signaling the start of a new rally phase that would be confirmed by a breakout over the $90.00 round number.

A major, multi-year breakout is underway in Canadian Western Bank (CWB.TO) shares. For the last year, the shares have been clawing back their COVID Crash losses, advancing in a rising channel of higher highs and higher lows. This month, the shares have completed their recovery and have broken out to the upside, clearing $35.00 to complete a massive Ascending Triangle base, and breaking out to their highest level in over three years, signaling the start of a new advance.

Boosted by a stronger than expected earnings report, US retailer Target (TGT) rallied 6.0% yesterday and climbed three spots within the Green Favored Zone of the SIA S&P 100 Index Report to 13th place. Since last summer, Target shares have been steadily advancing in a step pattern of rallies followed by periods of consolidation at higher levels.

Drugstore chain CVS Health (CVS) has seen its relative strength improve significantly recently, this month, the shares have snapped out a long-term downtrend within the SIA S&P 100 Index Report and have moved up into the Yellow Neutral Zone from the red zone for the first time since January of 2020. Yesterday, CVS finished in 37th place, up 12 places on the day and up 37 places in the last month.

Earlier this year, MEG Energy (MEG.TO) snapped out of a long-term downtrend with a breakout over $6.00, which has since established as support through multiple tests. A trading range has emerged between there and $8.00 initial resistance over the last three months. Within that range, the shares have been climbing, suggesting that accumulation has resumed, but a breakout over $8.00 remains needed to confirm that and signal the start of a new upleg within a larger upward trend.

Following last year’s stock market collapse, SNC Lavalin (SNC.TO) spent the rest of 2020 stuck in a sideways trading range between $17.50 and $26.50. Since the start of this year, the shares have come under renewed accumulation, shown most clearly last week with the shares launching upward off of their 50-day moving average and breaking out over $30.00 on an increase in volume.

For over a year, Canadian Tire* (CTC.A.TO) shares have been under steady accumulation, advancing in a step pattern of rallies followed by periods of consolidation at higher levels. Last fall, the shares broke out over $150.00, overcoming resistance that had been in place since 2018 and completed a bullish Ascending Triangle base, confirming the start of a new uptrend. The shares continue to attract new interest, this week breaking out over $200.00 on increased volume.

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.