Category: Daily Stock Report

Since bottoming out back in March, Home Depot (HD) has been under accumulation, steadily advancing in an uptrend of rallies followed by consolidation at higher levels. A spring rally was followed by a summer of consolidation that culminated in a bullish Ascending Triangle breakout last month. Since then, a bullish Flag pattern has emerged. The shares staged a sharp rally in October, followed by 3 weeks of sideways consolidation, and this week the shares have broken out into a second upleg. This breakout to new all-time highs has occurred on a jump in volume indicating increased investor interest.

This 3-year candlestick chart highlights the strength of the current staircase accumulation pattern in Lowes Companies* shares with rallies followed by pauses at increasingly higher levels. The current rally phase kicked off with a rally on volume up off of $175 channel support followed by a successful retest of uptrend support near $200. Yesterday, the shares traded at a new all-time high above $250 intraday, indicating continuing investor interest.

Exercise clothing retailer lululemon (LULU) has been steadily climbing up the rankings in the SIA NASDAQ 100 Index Report, recently returning to the Green Favored Zone for the first time since September of 2020. Yesterday, the shares finished in 16th place up 13 positions in the last month.

Oceanagold (OGC.TO) is one of the first gold producers to return to the Green Favored Zone of the SIA S&P/TSX Composite Index Report since gold and silver broke out last week and ignited renewed interest in precious metal miners and explorers. Yesterday, the shares finished in 51st place, up 6 spots on the day and up 130 positions in the last month.

Accumulation accelerated dramatically in Shopify (SHOP.TO) shares on Friday. An 11.5% Friday pop on volume would have been enough to signal new interest but combining that with a rally up off the 50-day average, regaining $2,000 and blasting through its July peak to a new all-time high all indicate that a new upleg has started and confirm that the previous summer downtrend has ended.

With a major breakout over the $100.00 round number this week, Computer data storage and hard drive producer Seagate Technology (STX) has successfully completed six months of consolidation and kicked off a new upleg within a continuing long-term uptrend.

Sleep Country Canada (ZZZ.TO) has been in the Green Favored Zone of the SIA S&P/TSX Composite Index report since August, returning 17.5% over that time. Recently, relative strength has been increasing. Yesterday the shares finished in 28th place, up 6 spots on the day and up 11 positions in the last week.

Since breaking out of a $4.50-$6.00 sideways range back in the summer, NexGen Energy (NXE.TO) shares have remained under accumulation, with corrections being contained by higher lows above the 50-day moving average. Yesterday, the shares closed at a high on $8.00 and appear poised for a breakout.

Qualcomm (QCOM), a producer of semiconductors for wireless communications, recently returned to the Green Favored Zone of the SIA S&P 100 Index Report for the first time since March. Yesterday, QCOM finished in 18th place, up 7 spots on the day and up 46 positions in the last month.

This three-year weekly chart highlights the strength of Friday’s big rally and massive breakout in Canada Goose (GOOS.TO) shares. After soaring 19.3% on a spike in volume, a signal of strong new bullish investor interest, the shares closed above $60.00 for the first time since May of 2019 and completed a 2 ½ year bullish Ascending Triangle base to signal the start of a new uptrend.