Breakout Stocks of Week 24 @ TSX
NASDAQ was up last week (week 23) by 2.38% ending at 17,133.13 points after gaining 398.11 points during the week. 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 iShares Core MSCI Canadian Quality Dividend Index ETF TSX:XDIV. This stock has had a buy signal since May 30, 2024 when the price was $26.74 and is so far up 0.636% to $26.91. Some other companies are on our watchlist to, among these are Peyto Exploration & Development Corp. TSX:PEY iShares S&P/TSX Capped Energy Index ETF TSX:XEG Baytex Energy Corp. TSX:BTE and Labrador Iron Ore Royalty Corporation TSX:LIF which all got a breakout pattern emerging.
| Date | Company | Price | Week 24 |
|---|---|---|---|
| Ishares Core Msci Canadian Quality Dividend Index... | $26.91 | $26.23 | -2.53% |
| Peyto Exploration & Development Corp. | $15.04 | $14.70 | -2.26% |
| Ishares S&p/tsx Capped Energy Index Etf | $18.21 | $17.60 | -3.35% |
| Baytex Energy Corp. | $4.59 | $4.38 | -4.58% |
| Labrador Iron Ore Royalty Corporation | $29.18 | $29.42 | 0.82% |
iShares Core MSCI Canadian Quality Dividend Index ETF
TSX:XDIVThe iShares Core MSCI Canadian Quality ETF price fell by -0.0743% on the last day (Friday, 7th Jun 2024) from $26.93 to $26.91. During the last trading day the ETF fluctuated 0.635% from a day low at $26.77 to a day high of $26.94. The price has been going up and down for this period, and there has been a -1.07% loss for the last 2 weeks. Volume has increased on the last day by 37 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 78 thousand shares were bought and sold for approximately $2.10 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 iShares Core MSCI Canadian Quality ETF to perform well in the short-term.
The Peyto Exploration & Development Corp. stock price fell by -1.12% on the last day (Friday, 7th Jun 2024) from $15.21 to $15.04. During the last trading day the stock fluctuated 1.46% from a day low at $15.02 to a day high of $15.24. The price has fallen in 6 of the last 10 days and is down by -2.46% for this period. Volume has increased on the last day by 2 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 640 thousand shares were bought and sold for approximately $9.63 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.
About Peyto Exploration & Development Corp.:
Peyto Exploration & Development Corp. engages in the exploration, development, and production of oil and natural gas, and natural gas liquids in Deep Basin of Alberta. As of December 31, 2021, it had a total proved plus probable reserves of 904 million barrels of oil equivalent. The company was formerly known as Peyto Energy Trust and changed its name to Peyto Exploration & Development Corp. in January 2011. Peyto Exploration & Development Corp. was founded in 1998 and is headquartered in Calgary, Canada.
The iShares S&P/TSX Capped Energy Index ETF price fell by -0.709% on the last day (Friday, 7th Jun 2024) from $18.34 to $18.21. During the last trading day the ETF fluctuated 1.26% from a day low at $18.19 to a day high of $18.42. The price has risen in 6 of the last 10 days but is still down by -4.21% for this period. Volume fell on the last day along with the ETF, which is actually a good sign as volume should follow the ETF. On the last day, the trading volume fell by -308 thousand shares and in total, 608 thousand shares were bought and sold for approximately $11.07 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 Baytex Energy Corp. stock price fell by -1.50% on the last day (Friday, 7th Jun 2024) from $4.66 to $4.59. During the last trading day the stock fluctuated 2.18% from a day low at $4.58 to a day high of $4.68. The price has risen in 6 of the last 10 days but is still down by -2.75% for this period. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -4 million shares and in total, 2 million shares were bought and sold for approximately $8.94 million.
Baytex Energy Corp. holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.
About Baytex Energy Corp.:
Baytex Energy Corp., an oil and gas company, acquires, develops, and produces oil and natural gas in the Western Canadian Sedimentary Basin and in the Texas, the United States. The company offers light oil and condensate, heavy oil, natural gas liquids, and natural gas. Its principal oil and natural gas properties comprise the Eagle Ford property in Texas, Viking and Lloydminster properties in Alberta and Saskatchewan, Peace River and Duvernay properties in Alberta. The company's properties also include conventional oil and natural gas assets in Western Canada. As of December 31, 2021, it had proved developed producing reserves of 129 million barrels of oil equivalent (mmboe); proved reserves of 278 mmboe; and proved plus probable reserves of 451 mmboe. Baytex Energy Corp. was founded in 1993 and is headquartered in Calgary, Canada.
The Labrador Iron Ore Royalty Corporation stock price fell by -0.647% on the last day (Friday, 7th Jun 2024) from $29.37 to $29.18. During the last trading day the stock fluctuated 1.03% from a day low at $29.08 to a day high of $29.38. The price has fallen in 6 of the last 10 days and is down by -2.64% for this period. Volume has increased on the last day by 30 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 120 thousand shares were bought and sold for approximately $3.50 million.
Labrador Iron Ore Royalty Corporation holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.
About Labrador Iron Ore Royalty Corporation:
Labrador Iron Ore Royalty Corporation, through its subsidiary, Hollinger-Hanna Limited, holds a 15.10% equity interest in Iron Ore Company of Canada (IOC) that produces and processes iron ores at Labrador City, Newfoundland and Labrador. The company's primary products include standard and low silica acid, flux, direct reduction pellets, and iron ore concentrate, as well as seaborne iron ore pellets. The company was formerly known as Labrador Iron Ore Royalty Income Fund and changed its name to Labrador Iron Ore Royalty Corporation in July 2010. Labrador Iron Ore Royalty Corporation is based in Toronto, Canada.
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.
