Back in February, a downtrend in Sandstorm Gold (SSL.TO) shares was contained by multiple tests of support near $7.00, and since then the shares have been under renewed accumulation. Earlier this year, the shares broke through $9.00, snapping a downtrend line and rallied up toward $10.00. Following a brief pause for a rest, SSL.TO has launched into a new upleg. Yesterday, it broke out of a base clearing $11.00 to trade at its highest level since October of 2020.
A major breakout is underway in Alimentation Couche-Tard (ATD.B) shares. Back in July of 2021, the shares completed a bullish Ascending Triangle pattern with a breakout over $45.00, a level that reversed polarity and became support while the shares moved into a higher range between there and $53.00. Last month, the shares successfully retested channel and long-term uptrend support and haven’t looked back since, soaring to new all-time highs above $55.00 and signalling the start of a new upleg by blasting through $53.00 which may reverse polarity to become initial support.
Cameco (CCO.TO) has been under renewed accumulation since February, steadily advancing in a Rising Channel of higher highs and higher lows. Last month, Cameco broke out over $35.00 to complete a bullish Ascending Triangle and then settled into a higher trading range between $32.50 and $37.50. Yesterday, they broke out again to another new high on an uptick in volume, indicated continuing investor interest and the start of a new upleg.
Technical conditions for Union Pacific (UNP) have weakened dramatically over the last week. Since peaking near $275 a few days ago, UNP shares have been rapidly losing ground on a spike in volumes, a sign of increased selling pressure. The shares have broken down below their 50-day moving average and snapped an upward line with a downward breakaway gap that also took the shares back under $250.
Internet advertising agency AcuityADS Holdings (AT.TO) spent nearly all of the last year in the doldrums, stuck deep in the red zone of the SIA S&P/TSX Composite Index Report. In the last couple of weeks, it has caught fire and rocketed up toward the top of the Yellow Neutral Zone. Yesterday it finished in 62nd place, 2 spots outside of the green zone after jumping 13 places on the day and 158 positions in the last month.
Heavy equipment distributor Toromont Industries (TIH.TO) has been climbing back up the rankings in the SIA S&P/TSX Composite Index Report for the last month. Yesterday, it moved up 6 positions to 60th place to the top of the Yellow Neutral Zone, one position outside of the green zone where it has not been since September.
Energy producer Peyto Exploration (PEY.TO) returned to the Green Favored Zone of the SIA S&P/TSX Composite Index Report in January and has continued to climb up the relative strength rankings. On Friday, it finished in 5th place, up 9 positions on the day and up 20 spots in the last month.
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.
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