Category: Daily Stock Report

Celestica (CLS.TO) shares spent the better part of three years stuck in a sideways trading range between $8.00 and $12.00. Accumulation resumed in July after the shares bounced up off support at a higher low near $9.00. Since then, they have been trending upward and in November, they broke out to the upside, signaling the start of a new uptrend. Last week, the shares completed a Bullish Engulfing candle and popped to their highest level since the summer of 2018 on a jump in volume, indicating increasing investor interest.

Methanex (MX.TO) has been steadily climbing back up the rankings in the SIA S&P/TSX Composite Index Report this month, rising back up out of the red zone and returning to the Green Favored Zone for the first time since October. Yesterday, the shares finished in 57th place, up 20 spots on the day and up 96 positions in the last month.

Archer Daniels Midland (ADM), an agricultural commodity trading and storage company, recently returned to the Green Favored Zone of the SIA S&P 500 Index Report and has climbed to its highest level since 2009 after spending most of the last 13 years stuck in the red zone. Yesterday, ADM finished in 61st place, up 37 spots on the day and up 143 positions in the last month.

US oil & natural gas producer EOG Resources (EOG) returned to the Green Favored Zone of the SIA S&P 500 Index Report and since then, it has climbed 30.7%, including a 20.4% gain so far this month. Yesterday, EOG finished in 6th place up 102 spots in the last month.

Specialty hardware and building supply retailer Richelieu Hardware (RCH.TO) recently returned to the Green Favored Zone of the SIA S&P/TSX Composite Index Report and has climbed to its highest position since November of 2020. Yesterday the shares finished in 29th place, up 24 spots on the day and up 96 positions in the last month.

Oilfield service giant Baker Hughes (BKR) recently returned to the Green Favored Zone of the SIA S&P 500 Index Report, continuing a relative strength uptrend that started in the red zone in December. On Friday the shared finished in 71st place up 29 spots on the day and up 208 positions in the last month.

Technical conditions for Netflix (NFLX) shares have been deteriorating for several weeks now. After spending the first half of 2021 stuck in a sideways range, the shares staged a summer rally which peaked in November just short of $700.00 Since then, the shares have been under distribution, staging a series of Double Bottom breakdowns on November 30th, December 14th, and January 5th, two of which led into extended Low Pole declines.

Today’s Labrador Iron Ore (LIF.TO) chart is a good example of why we look to both Point and Figure and Candlestick for insights into market trends and support/resistance levels. The late summer selloff in LIF.TO shares was, in fact, contained by a long-term uptrend support line which dates back to the March 2020 market bottom. Since then, accumulation has resumed and the shares have been steadily recovering lost ground in a Rising Channel of higher highs and higher lows.

Back in October, a downward trend in Caterpillar (CAT) bottomed out with a series of successful support tests near $190.00. In recent weeks, the shares have snapped out of a downtrend, regained and held above their 50-day moving average, launched up off of the 50-day average and blasted through $220.00 to complete a bullish Ascending triangle pattern and have continued to climb. Since the start of this month, bullish signals have occurred on increased volumes, a sign of renewed accumulation.