Category: Daily Stock Report

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.

A major breakout is underway in Freeport McMoRan (FCX) shares this week. For the last two months, the shares have been consolidating previous gains between $29.00 and $39.00. Through this time, except for one breakdown attempt which was quickly rejected, the shares underlying uptrend of higher lows continued. Yesterday’s all-time high close above $39.00 completed a bullish Ascending Triangle pattern, signaling the start of a new upleg.

United Parcel Service (UPS) shares staged a major breakout yesterday. A breakaway gap over $180.00 to a new all-time high on volume signaled that an eight-month consolidation phase between $155.00 and $175.00 has come to an end and a new advance has started with accumulation resuming.

The technical picture for First Quantum Minerals (FM.TO) continues to turn increasingly bullish. A month ago, a pullback in the shares ended in a bullish Morning Star pattern (leftmost circle) where the shares gapped down, bottomed out with a hammer candle, then gapped back up, signaling a shift in sentiment. The shares then staged a breakaway gap to the upside (center circle) which snapped a downtrend line and regained the 50-day average. After successfully retesting the 50-day average as support twice, the shares launched upward yesterday, breaking through $28.50 to complete a bullish Ascending Triangle pattern.

After being spun out of United Technologies just over a year ago, Carrier Global (CARR) shares steadily advanced for eight months until reaching $40.00 in early November. The shares then spent four months consolidating their initial gains between $34.00 and $42.00 which was not unusual. In the last month, the shares have resumed their upward course, steadily building on a breakout over $42.00 and advancing to new highs.

Laurentian Bank (LB.TO) recently returned to the Green Favored Zone of the SIA S&P/TSX Composite Index Report for the first time since 2015 and only the second time since 2008. Yesterday, the shares finished in 45th place, up 9 spots on the day and up 13 spots in the last month. Since November, Laurentian Bank (LB.TO) shares have been recovering in a step pattern of rallies in increased volume, followed by periods of consolidation at higher levels, a sign of renewed accumulation. Earlier this year, the shares snapped out of a long-term downtrend. This week, LB.TO has launched up off of $40.00, on volume, clearing a long-term support/resistance/round number hurdle, and signaling the start of a new upleg.

A major breakout is underway in Intuitive Surgical (ISRG) shares. Over the last month, the shares have been climbing within a $680 to $825 trading range and this week they have broken out to a new high on increased volume indicating increased attention from investors and signaling the start of a new upleg within a year-long uptrend.