A classic bullish Flag pattern appears to be underway in lululemon (LULU) shares. After bottoming out near $275 last month, earlier this month, the shares broke out over $325 and blasted through their 50-day moving average on a big spike in volume, kicking off a rally (the first pole) that carried the shares up toward $375. The shares then paused for a couple of weeks near $375 (the flag part).
Back in March of 2020, a long-term downtrend in Kraft Heinz (KHC) shares bottomed out and was snapped in the summer of 2020. Since then, the shares have remained under accumulation and have been forming a large bullish ascending triangle base of higher lows below $43.50 resistance where a breakout would confirm the start of a new uptrend.
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.
Receive a daily newsletter with stock highlights, ETF rankings, weekly market focus and others.
