Four months of rangebound consolidation in Eli Lilly (LLY) shares ended yesterday with a major breakout that resolved a sideways rectangle that had formed between $220 and $275 to the upside. A breakaway gap on a surge in volume signaled renewed investor interest in LLY and the start of a new upleg.
For over a year, UnitedHealth (UNH) has been under accumulation, advancing in a step pattern of rallies followed by periods of consolidation at higher levels. After consolidating through November, UNH has embarked on a new rally phase this month, climbing to new all-time highs and advancing toward the $500 round number.
Furnace and air conditioner producer Trane Technologies (TT) returned to the Green Favored Zone of the SIA S&P 500 Index Report from a two-month drop into the yellow zone. Yesterday, Trane moved into 125th place, up 18 positions in the day and up 95 spots in the last month.
A major breakout is underway in Altus Group shares. Through 2021, the shares have been advancing in a step pattern of rallies followed by periods of consolidation at higher levels. Last week, the shares rallied on increasing volume, a sign of accelerating accumulation, and broke out to a new high over $68.00, completing a bullish Ascending Triangle pattern and signaling the start of a new rally phase.
Between May and October, DR Horton (DHI) shares were under steady distribution but have turned things around in recent weeks. Since bottoming out in October, DHI has been recovering lost ground, and the technical situation has improved with the shares regaining their 50-day average, staging an upward gap and snapping a downtrend on their road to recovery.
Security and design software producer Synopsys (SNPS) continues the steady march up the rankings in the SIA S&P 500 Index Report that started back in May deep in the red zone. Yesterday the shares finished in 7th place, up 9 spots on the day and up 46 positions in the last month.
Earlier this year, Crescent Point Energy Shares broke out of a long-term downtrend, then spent most of 2021 consolidating its original recovery gains between $4.00 and $6.50. This week, the shares have staged another major breakout, clearing $6.50 to trade at their highest level since the summer of 2018, signaling the start of a new upleg.
The last time we commented on Simon Property Group (SPG) was on the Aug 31st edition of the Daily Stock Report when the shares had experienced a 66.8% increase in price appreciation since first entering the Favored zone of the S&P 100 Index back in Nov 2020 at a price of $79.10. Today, the shares remain in the Favored Zone in the # 3 Spot at a price of $152.60 which now represents a 92.9% increase.
The technical picture for Vermilion Energy (VET.TO) continues to improve. Earlier this year, the shares completed a bullish Ascending Triangle base with a breakout over $10.00, then consolidated in a higher range between $7.00 and $11.00 for a few months. An October breakout and push toward $15.00 was followed by the recent low-volume correction where declines were contained above $11.00 as previous resistance reversed polarity to become support, a sign of continuing underlying accumulation.
Over the last several weeks, the price of lumber has been bouncing back, sparking renewed interest in forest products stocks. Interfor (IFP.TO) has returned to the Green Favored Zone for the first time in about six weeks as it roars back from a sharp but short drop down into the red zone. Since a summer retreat bottomed out in August, it has become clear that IFP.TO shares have been trending sideways since March. Recent trading indicates that accumulation has resumed and the shares could be setting up for a breakout.
Receive a daily newsletter with stock highlights, ETF rankings, weekly market focus and others.
