Earlier this month, Baytex Energy (BTE.TO) returned to the Green Favored Zone in the SIA S&P/TSX Composite Index Report and has continued to steadily march up the rankings. Yesterday it finished in 9th place, up 1 spot in the day and up 29 positions in the last month.
Back in December, a correction in National Bank of Canada* (NA.TO) shares was contained by support at a previous low near $93.25. Since then, the shares have been bouncing back and their technical situation has improved. Last week, the shares regained their 50-day moving average near $99.00 (which reverses polarity to become initial support and then the $100.00 round number
Insurance companies have been attracting renewed interest along with banks lately. Yesterday, MetLife (MET) returned to the Green Favored Zone of the SIA S&P 100 Index Report for the first time in about six months, continuing an upswing in the rankings which started in August. Yesterday the shares finished in 25th spot, up 4 places on the day and up 15 positions in the last month.
With crude oil and natural gas prices on the rise again, and winter drilling season underway, oilfield service companies have been attracting renewed interest from investors. Halliburton (HAL) recently returned to the Green Favored Zone of the SIA S&P 500 Index Report for the first time in two months, bouncing back from a drop into the red zone. Yesterday, HAL finished in 78th place, up 16 spots on the day and up 206 positions in the last month.
Over the last four months, shares of copper producer First Quantum Minerals (FM.TO) have snapped out of a downtrend and established higher support near $26.50. Yesterday, FM.TO broke out over $31.00 on increased volumes, signaling renewed investor interest and the start of a new upleg that has already moved to within striking distance of the May peak near the $35.00 round number.
Banks on both sides of the border have been climbing and moving up in the relative strength rankings this week heading into the start of US Bank Earnings Week on Friday. Yesterday, CIBC* (CM.TO) returned to the Green Favored Zone of the SIA S&P/TSX Composite Index Report from a short dip into the yellow zone. Yesterday it finished in 51st place, up 5 spots on the day and up 16 positions in the last month.
For over a year, Bank of Montreal (BMO.TO) shares have been under steady accumulation, climbing in a step pattern of rallies followed by pauses at consistently higher levels. On Friday, the stock broke out to a new all-time high, signaling the start of a new rally phase, and confirming that its underlying uptrend remains intact. A measured move from previous consolidation ranges suggests potential upside resistance near $150.00 on trend. Initial support moves up to the 50-day average near $137.50.
Lumber and pulp producer Canfor (CFP.TO) has been steadily climbing back up the rankings in the SIA S&P/TSX Composite Index Report since bottoming out in August. Late last week, Canfor (CFP.TO) shares staged a major breakout, decisively closing above $30.00 for the first time since May and completing a bullish Ascending Triangle base pattern which had been forming since August.
The five-year weekly chart highlights just how technically important yesterday’s major breakout on volume by Crescent Point Energy (CPG.TO) is. Not only have the shares ended months of sideways consolidation, they completed a long-term base, breaking out to their highest level since the summer of 2018 and confirming a previous bullish Ascending Triangle breakout.
The technical picture for Devon Energy (DVN) shares has improved significantly over the last few weeks. Building on a bullish Morning Star candlestick reversal pattern (black circle on the chart) the shares regained their 50-day moving average and then retested it as new support. This week, a major breakout is underway with the shares soaring to new all-time highs on increased volumes.
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