Throughout this year, ATS Automation Tooling Systems (ATA.TO) has been under accumulation, steadily advancing in a rising channel of higher highs and higher lows. This week the shares snapped a downtrend line, and rallied to a new all-time high on a jump in volume, indicating increased investor interest.
Asset manager Franklin Resources (BEN) has soared up the rankings in the SIA S&P 500 Index Report since reporting positive earnings and announcing an acquisition, returning to the Green Favored Zone for the first time since July. The shares kicked off this week with a breakaway gap that snapped a downtrend line and have continued to rally, blasting through the top of their previous range to trade at their highest levels since early 2018.
Throughout 2021, KLA Corp. (KLAC) has been under accumulation with most corrections and downswings being contained at consistently higher lows, including one a few weeks ago, which helped to confirm the current uptrend. In the last few days price gains have accelerated on higher volume indicating increasing investor interest. Yesterday, the shares broke through $375 to a new all-time high, signaling the start of a new upleg.
After soaring to start the year, Broadcom (AVGO) shares spent May to September in consolidation mode, trending sideways in two ranges first between $410 and $485, then between $475 and $510. Starting with a successful retest of $410 support in June, the shares had quietly come under renewed accumulation. This has become more apparent in the last two months with the shares completing two bullish Ascending Triangle breakouts, breaking out and holding above $500, plus their recent acceleration to new all-time highs.
Suncor Energy staged a major breakout yesterday, gapping up on the open, regaining $30.00, and blasting through the top of the $21.50 to $31.50 trading range that had been in place since June, all on a spike in volume, indicting a surge of renewed bullish interest from investors and signaling the start of a new upleg within a larger recovery trend.
Accumulation in Hilton Worldwide (HLT) shares continues to accelerate. Yesterday, the shares staged a major breakout, rallying up off of $135.00 support, which had previously been resistance, on a spike in volume, driving to a new all-time high, and forming a Bullish Engulfing candlestick pattern, all signaling the start of a new upleg.
Nvidia Corp. (NVDA)* staged a major breakout yesterday. For the last two months, the shares have been trending sideways between $200.00 and $230.00, consolidating a spring/summer advance. Yesterday, the shares gapped through resistance to a new all-time high on a jump in volume, competing a bullish Ascending Triangle pattern, signaling a surge in investor interest, and confirming the start of a new advance.
We don’t usually comment on stocks just before earnings reports, but the relative strength and technical action in computer chipmaker Advanced Micro Devices (AMD), who reports results after the close today, has been particularly intriguing. After climbing 13 spots yesterday and moving up 30 positions over the last month, AMD has returned to the Green Favored Zone of the SIA S&P 500 Index Report from a short dip into the yellow zone.
Finning (FTT.TO) staged a major breakout last week. For six months, the shares had been stuck in a sideways range between $30.00 and $34.50, consolidating a previous advance that had started with a bullish ascending triangle breakout last November. In the last few days, the shares have attracted renewed interest from investors, climbing on increased volumes. The shares then staged a big breakaway gap breakout through the top of the range and have continued to climb to new highs.
A major breakout is underway in Stantec (STN.TO) shares. Yesterday, the shares rallied up off of their 50-day average, staged a breakaway gap to the upside and soared to a new all-time high on a spike in volume, all combining to indicate a surge in investor interest. Measured moves from recent trading ranges suggest potential upside resistance tests appear near $83.50 and then $84.25. Initial support appears at the bottom of the gap near $61.50.
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