A year ago, Principal Financial (PFG) completed its recovery from the 2020 market crash with a bullish Ascending Triangle breakout. Since then, the shares have remained under steady accumulation, advancing in a Rising Channel of higher highs and higher lows. This week, the shares have broken out to another new all-time high, confirming their underlying uptrend continues.
Since successfully retesting support in the $150s last month, American Express (AXP) has been under renewed accumulation. Starting with a high-volume bounce that regained the 50-day average, the shares had been climbing within their previous $150-$185 range for several days, snapping a downtrend line along the way. Yesterday the shares blasted through the top of the channel to a new all-time high, signaling the start of a new advance and the end of a consolidation phase.
After spending October to January stuck in the red zone of the SIA S&P 500 Index Report, cloud computing and IT consulting company DXC Technology (DXC) has soared up the rankings in the last few days. Last week, DXC returned to the Green Favored Zone for the first time since August. Yesterday it jumped 51 spots to 53rd place and is now up 255 positions in the last month.
For over a year, Dollarama (DOL.TO) shares have been under steady accumulation, advancing in a rising channel of higher highs and higher lows since completing a huge bullish Ascending Triangle breakout in April of last year that signaled three years of struggle were over and the shares were resuming their upward course.
Recent trading in Meta Platforms (FB) highlights how SIA Charts rankings not only help advisors to identify opportunities with high relative strength, it also helps advisors to screen out stocks with weakening relative strength or at risk of significant underperformance. In the case of Meta, advisors had two relative strength warnings signals last fall, one when FB fell out of the green zone in the SIA S&P 500 Index Report, and one when FB entered the Red Unfavored Zone.
Boosted by a stronger than expected earnings report and news of a 20-for-1 stock split coming, Alphabet (GOOG) shares soared 7.5% yesterday. However, when looking at a point and figure chart even though the recent bounce up off of $2,500 has been encouraging it has done nothing to change the sideways trend which has emerged since a high pole stalled out in September and a November breakout failed in a bull trap reversal. Currently the shares are still on a bearish Double Bottom pattern on a 2% chart although they are on a bullish Low Pole Warning on a 1% chart.
After regaining the $200.00 round number level on Monday, UPS shares blasted off yesterday, staging a major breakaway gap up through resistance to a new al-time high on a big spike in volume, all combining to signal a surge in new interest and the start of a new advance.
Energy royalty company Prairiesky (PSK.TO) has returned to the Green Favored Zone of the SIA S&P/TSX Composite Index Report for the first time since November, continuing a climb up the rankings which started down in the red zone a month ago. Yesterday, the shares finished in 51st place, up 7 spots on the day and up 90 positions in the last month.
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.
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