Lumber and pulp producer Canfor (CFP.TO) has been steadily climbing back up the rankings in the SIA S&P/TSX Composite Index Report since bottoming out in August. Late last week, Canfor (CFP.TO) shares staged a major breakout, decisively closing above $30.00 for the first time since May and completing a bullish Ascending Triangle base pattern which had been forming since August.
The five-year weekly chart highlights just how technically important yesterday’s major breakout on volume by Crescent Point Energy (CPG.TO) is. Not only have the shares ended months of sideways consolidation, they completed a long-term base, breaking out to their highest level since the summer of 2018 and confirming a previous bullish Ascending Triangle breakout.
The technical picture for Devon Energy (DVN) shares has improved significantly over the last few weeks. Building on a bullish Morning Star candlestick reversal pattern (black circle on the chart) the shares regained their 50-day moving average and then retested it as new support. This week, a major breakout is underway with the shares soaring to new all-time highs on increased volumes.
It has been a roller coaster ride for Tesla Motors (TSLA) shares over the last six months, but through these ups and downs, some very strong technical levels and patterns have emerged. The shares had weakened in December as founder Elon Musk sold some of his shares in a planned program, but roared back to life yesterday, popping 13.5% after the electric vehicle producer announced strong Q4 sales numbers.
We finish the year with a change of pace. In the Daily Stock Report, we usually focus on stocks that are rocketing up/down the rankings in SIA Charts reports, entering/leaving the Green Zone or breaking out/down technically. There are stocks, however, which may be less flashy, but generate significant returns by remaining in the Favored Zone for an extended period of time.
A major breakout is underway in Interfor (IFP.TO) shares. Recovering from a spring selloff, the shares have been steadily recovering lost ground since August, forming a bullish Ascending Triangle pattern of higher lows below $36.00. Yesterday, the shares blasted through that barrier to a new all-time high on a spike in volume, indicating a surge in investor interest. The shares continued to climb up through $40.00, confirming that a new upleg has started within a long-term bullish trend.
From November of 2020 through to October of this year, Cybersecurity software producer Fortinet (FTNT) shares were under steady accumulation, consistently advancing in a rising channel of higher highs and higher lows, while holding above their 50-day average. For the last two months, upward momentum slowed and the shares consolidated their gains. This week, the shares have resumed their long-term uptrend, breaking out over $350.00 to a new all-time high.
Fertilizer producer Nutrien (NTR.TO) has been steadily climbing up the relative strength rankings in the SIA S&P/TSX 60 Index Report since May. So far this month, the shares are up 10.0%. Yesterday, Nutrien finished in 7th place, up 3 positions in the last week.
Since returning to the Green Favored Zone of the SIA S&P 500 Index Report back in September from a trip down into the red zone, shares of fertilizer producer CF Industries (CF) are up 34.1%. The shares have continued to march toward the top of the rankings. Yesterday the shares moved up to 4th place, up 9 spots on the day and up 34 positions in the last month.
Back in October, a six-month decline in computer memory producer Micron Technology (MU) shares was contained by an uptrend support line. Since then, distribution has reversed back into accumulation and MU’s primary uptrend has resumed. In recent weeks, the shares have regained and held above their 50-day average, snapped a downtrend line, and this week, have started to accelerate upward, clearing $90.00.
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