Category: Daily Stock Report

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.

Farm equipment producer Deere & Co (DE) has been climbing up the rankings in the SIA S&P 500 Index Report since December and recently reached its highest ranking since May of 2021. Yesterday, DE finished in 36th place, up 4 spots on the day and up 22 positions in the last month.

Movie, streaming and cable giant Paramount Global (PARA) spent most of the last year stuck in the red zone of the SIA S&P 500 Index report but has roared up the rankings lately, recently returning to the Green Favored Zone for the first time since March of 2021. Yesterday, PARA finished in 98th place, up 17 spots on the day and up 381 positions in the last month.

Back in January, a pullback in AON (AON) shares was contained by support near $260.00, a former resistance level. Since then, signs of renewed accumulation have become more apparent. A new upward trend of higher lows as emerged, the shares snapped out of a 5-month downtrend and yesterday, AON broke out over $300.00 and completed a bullish Ascending Triangle pattern.

Continuing an upward trend in relative strength that began nearly a year ago deep in the red zone, Pfizer (PFE) recently bottomed out at a higher low within the SIA S&P 500 Index Report and has returned to the Green Favored Zone from a short dip into the yellow zone. Yesterday, Pfizer jumped 44 positions to 120th place and it is up 6 spots in the last month.

A major breakout is underway in Welltower (WELL) shares. After steadily climbing up out of the March 2020 market bottom, Welltower had been stuck in a sideways trading range since May. Last week it broke through $90.00 to signal the start of a new advance which would be confirmed if the shares can close above their 2019 peak which was near $92.25.

A new recovery trend appears to be getting underway in Fortuna Silver Mines (FVI.TO) shares. A long-term downtrend bottomed out in a selling climax below $4.00 back in December and through January and February, the shares built a base for recovery in the $4.00 to $5.25 range. This month, the shares have turned decisively upward, completing a bullish Ascending Triangle pattern and then snapping out of a long-term downtrend.

For nearly two years, Dollarama (DOL.TO) has been under accumulation, steadily advancing in a rising channel of higher highs and higher lows. This week, the shares have broken out to a new all-time high, confirming that their upward trend remains intact. Measured moves from previous trading ranges suggest potential upside resistance near $74.50 then $80.00. Initial support appears near $65.00 then $60.00.

Benefitting from a rotation of capital into defensive sectors like Consumer Staples, grocery and drug store operator Loblaw Companies (L.TO) has returned to the Green Favored Zone of the SIA S&P/60 Index Report, continuing an upward trend in the rankings which started about a year ago. Yesterday, L.TO finished in 13th place, up 4 spots on the day and up 9 positions in the last week.

With consumer staples companies starting to attract renewed interest, personal products producer Eli Lilly (LLY) recently returned to the Green Favored Zone in the SIA S&P 100 Index Report. LLY had been steadily drifting downward in the rankings since September but has turned decisively back upward over the last few weeks. Yesterday, LLY finished in 10th place, up 3 spots on the day and up 20 positions in the last month.