Last month, a breakdown and selloff in Aritzia (ATZ.TO) shares was contained by previous support near the $40.00 round number. Since then, the shares have been bouncing back. A breakout over $50.00 on Wednesday completed a small Reverse Head and Shoulders base signalling the start of a new upswing.
Apple (AAPL) had been drifting downward within the SIA S&P 500 Index Report since December but appears to be turning the corner. AAPL returned to the Green Favored Zone yesterday from a short dip into the yellow zone after moving up
Although it has been hanging around the border between the Green Favored Zone and the yellow zone in the SIA S&P 500 Index Report for the last six weeks, Host Hotels & Resorts (HST) remains in a general upward trend of increasing relative strength that started last summer. Yesterday, HST climbed 6 positions to 122nd place.
Over the last few days, Tesla Motors (TSLA) has soared back up the rankings in the SIA S&P 100 Index Report, climbing up from deep in the red zone, blasting through the yellow zone and returning to the Green Favored Zone for the first time since November. Yesterday TSLA jumped another 12 positions to 25th place and it is up 73 spots in the last month.
Dexcom (DXCM) a medical device company that produces glucose monitors for diabetes patients, has been climbing up the rankings in the SIA S&P 500 Index Report for the last month from deep in the red zone back up into the Green Favored Zone for the first time since November. Yesterday, DXCM finished in 113th place, up 28 spots on the day and up 242 positions in the last month.
Monolithic Power Systems (MPWR), a producer of semiconductor chips for electronics power control applications, continues to work its way back upward in the rankings of the SIA S&P 500 Index Report. Climbing up from lows in the red zone last month and the yellow zone last week, MPLR recently returned to the Green Favored Zone and jumped 50 positions yesterday to 39th place.
This three-year chart highlights the importance of yesterday’s breakout by United Rentals (URI). Back in December, URI successfully retested support near $285 and since then, it has been clawing back lost ground. Two weeks ago, the shares broke out over their 50-day moving average and since then, accumulation has accelerated. Yesterday, URI broke out over $350, calling off a bearish head and shoulders top pattern that had been forming and confirming the start of a new upswing.
A classic upturn is underway in Arista Networks (ANET) shares. After gapping up in November, the shares peaked in December and then fell back in a correction through January which bottomed out in February when another breakdown was quickly rejected. It turns out that was the head of a reverse Head and Shoulders base that started forming in late January.
With commodity prices climbing and resource producers attracting renewed interest, Lithium Americas (LAC.TO) has returned to the Green Favored Zone in the SIA S&P/TSX Composite Index Report from a short dip down into the red zone. Yesterday the shares jumped 51 positions to 54th place.
Nvidia (NVDA) staged a major breakout on Friday. Since peaking in November, NVDA had been under distribution, establishing a downtrend of lower highs. Through February and March, support started to emerge above the $200.00 round number. Last week, the shares started to climb on increasing volumes, a sign of renewed accumulation that was confirmed on Friday with the shares breaking through $250.00, snapping a downtrend line and retaking their 50-day moving average. Initial support appears at the 50-day moving average near $245.00.
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