Breakout Stocks of Week 17 @ TSX
NASDAQ fell hard last week and was down all -5.52% ending at 15,282.01 points after ending the week prior at 16,175.09 points. The sharp fall could pose a good buying opportunity. Our system has detected some possible breakout stocks for the following week and these should be on your watchlist. These are the stocks that are bouncing up with good increase in volume and are likely to do good in short term. One of these stocks are Sun Life Financial Inc. TSX:SLF. This stock has had a buy signal since Apr 18, 2024 when the price was $69.80 and is so far up 0.716% to $70.30. Some other companies are on our watchlist to, among these are BMO Low Volatility Canadian Equity ETF TSX:ZLB Royal Bank of Canada TSX:RY Intact Financial Corporation TSX:IFC and iShares S&P/TSX Capped Financials Index ETF TSX:XFN which all got a breakout pattern emerging.
| Date | Company | Price | Week 17 |
|---|---|---|---|
| Sun Life Financial Inc. | $70.30 | $70.67 | 0.526% |
| Bmo Low Volatility Canadian Equity Etf | $42.41 | $42.75 | 0.80% |
| Royal Bank Of Canada | $134.57 | $134.14 | -0.320% |
| Intact Financial Corporation | $221.95 | $224.31 | 1.06% |
| Ishares S&p/tsx Capped Financials Index Etf | $48.47 | $48.69 | 0.454% |
The Sun Life Financial Inc. stock price gained 0.716% on the last trading day (Friday, 19th Apr 2024), rising from $69.80 to $70.30. During the last trading day the stock fluctuated 0.99% from a day low at $69.64 to a day high of $70.33. The price has fallen in 8 of the last 10 days and is down by -3.15% for this period. Volume fell on the last day by -66 thousand shares and in total, 1 million shares were bought and sold for approximately $76.21 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Sun Life Financial Inc. stock to perform well in the short-term.
About Sun Life Financial Inc.:
Sun Life Financial Inc., a financial services company, provides insurance, wealth, and asset management solutions to individuals and corporate clients worldwide. It offers term and permanent life, as well as personal health, dental, critical illness, long-term care, and disability insurance products. The company also provides reinsurance products; investment counselling and portfolio management services; mutual funds and segregated funds; trust and banking services; real estate property brokerage and appraisal services; and merchant banking services. It distributes its products through direct sales agents, managing and independent general agents, financial intermediaries, broker-dealers, banks, pension and benefits consultants, and other third-party marketing organizations. The company was founded in 1871 and is headquartered in Toronto, Canada.
The BMO Low Volatility Canadian Equity ETF price gained 0.213% on the last trading day (Friday, 19th Apr 2024), rising from $42.32 to $42.41. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the ETF fluctuated 0.592% from a day low at $42.25 to a day high of $42.50. The price has fallen in 6 of the last 10 days and is down by -1.74% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 40 thousand more shares were traded than the day before. In total, 88 thousand shares were bought and sold for approximately $3.75 million.
Several of the signals/indicators are negative, and we believe that this will affect on the development for the next days and maybe possible weeks. However, over time, we think that today's level holds a possible buying opportunity and that the price will be higher during or at the end of this 3-month period.
The Royal Bank of Canada stock price gained 0.786% on the last trading day (Friday, 19th Apr 2024), rising from $133.52 to $134.57. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 1.32% from a day low at $133.05 to a day high of $134.80. The price has fallen in 6 of the last 10 days and is down by -3.26% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 6 million more shares were traded than the day before. In total, 14 million shares were bought and sold for approximately $1.82 billion.
Several of the signals/indicators are negative, and we believe that this will affect on the development for the next days and maybe possible weeks. However, over time, we think that today's level holds a possible buying opportunity and that the price will be higher during or at the end of this 3-month period.
About Royal Bank of Canada:
Royal Bank of Canada operates as a diversified financial service company worldwide. The company's Personal & Commercial Banking segment offers checking and savings accounts, home equity financing, personal lending, private banking, indirect lending, including auto financing, mutual funds and self-directed brokerage accounts, guaranteed investment certificates, credit cards, and payment products and solutions; and lending, leasing, deposit, investment, foreign exchange, cash management, auto dealer financing, trade products, and services to small and medium-sized commercial businesses. This segment offers financial products and services through branches, automated teller machines, and mobile sales network. Its Wealth Management segment provides a suite of advice-based solutions and strategies to high net worth and ultra-high net worth individuals, and institutional clients. The company's Insurance segment offers life, health, home, auto, travel, wealth, annuities, and reinsurance advice and solutions; and business insurance services to individual, business, and group clients through its advice centers, RBC insurance stores, and mobile advisors; digital, mobile, and social platforms; independent brokers; and travel partners. Its Investor & Treasury Services segment provides asset servicing, custody, payments, and treasury services to financial and other investors; and fund and investment administration, shareholder, private capital, performance measurement and compliance monitoring, distribution, transaction banking, cash and liquidity management, foreign exchange, and global securities finance services. The company's Capital Markets segment offers corporate and investment banking, as well as equity and debt origination, distribution, advisory services, sale, and trading services for corporations, institutional investors, asset managers, private equity firms, and governments. The company was founded in 1864 and is headquartered in Toronto, Canada.
The Intact Financial Corporation stock price gained 0.0586% on the last trading day (Friday, 19th Apr 2024), rising from $221.82 to $221.95. During the last trading day the stock fluctuated 0.89% from a day low at $221.02 to a day high of $222.98. The price has risen in 6 of the last 10 days and is up by 0.81% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 4 thousand more shares were traded than the day before. In total, 206 thousand shares were bought and sold for approximately $45.69 million.
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Intact Financial Corporation stock to perform well in the short-term.
About Intact Financial Corporation:
Intact Financial Corporation, through its subsidiaries, provides property and casualty insurance products to individuals and businesses in Canada, the United States, the United Kingdom, Ireland, rest of Europe, and the Middle East. It offers personal auto insurance; insurance for motor homes, recreational vehicles, motorcycles, snowmobiles, and all-terrain vehicles; personal property insurance, such as protection for homes and contents from risks, including fire, theft, vandalism, water damage, and other damages, as well as personal liability coverage; and property coverage for tenants, condominium owners, non-owner occupied residences, and seasonal residences. The company also provides insurance products for commercial lines for a group of small and medium sized businesses; commercial property insurance for the protection of physical assets of the business; and liability coverages comprising commercial general, product, and professional liability, as well as cyber endorsement. In addition, it offers commercial vehicle insurance coverages for the protection for commercial auto, fleets, garage operations, light trucks, public vehicles, and the specific needs of the sharing economy. Further, the company provides various personal levels of coverage to customers for their home, motor, pet, and other insurance products; general insurance, specialty lines, and risk management solutions; specialty insurance products for various product and customer groups, including accident and health, technology, ocean and inland marine, public entities, and entertainment, as well as financial services and institutions; and various products to specialty property, surety, tuition reimbursement, management liability, cyber, and environmental institutions. The company was formerly known as ING Canada Inc. and changed its name to Intact Financial Corporation in 2009. Intact Financial Corporation was founded in 1809 and is based in Toronto, Canada.
The iShares S&P/TSX Capped Financials Index ETF price gained 0.748% on the last trading day (Friday, 19th Apr 2024), rising from $48.11 to $48.47. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the ETF fluctuated 0.98% from a day low at $48.05 to a day high of $48.52. The price has been going up and down for this period, and there has been a -2.57% loss for the last 2 weeks. Volume fell on the last day by -714 shares and in total, 264 thousand shares were bought and sold for approximately $12.78 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for iShares S&P/TSX Capped Financials Index ETF to perform well in the short-term.
Despite these candidates are looking good from a technical perspective they may not perform as expected. You should always be cautious when trading and base your decisions on more than one source of information. This does not constitute an offer or recommendation to buy or sell securities.
