Tech Talk for Wednesday April 7th 2021

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Morning Technical Notes for Wednesday April 7th

Forest product stocks and related ETFs are moving higher. Global Timber iShares (WOOD) moved above $88.48 to an all-time high extending an intermediate uptrend.

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Interfor (IFP.TO) moved above Cdn$30.81 to an all-time high extending an intermediate uptrend.

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Canfor (CFP.TO) moved above $29.00 extending an intermediate uptrend.

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Pre-opening Comments for Wednesday April 7th

U.S. equity index futures were lower this morning. S&P 500 futures were down 3 points in pre-opening trade.

The Canadian Dollar was virtually unchanged at US79.24 cents following release of Canada’s February trade report at 8:30 AM EDT. Consensus was a surplus of $1.0 billion versus a surplus of $1.4 billion in January. Actual was a surplus of $1.04 billion

Applied Materials added $0.20 to $139.74 after Mizuho and KeyBanc Capital raised their target price for the stock.

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Bausch Health (BHC Cdn$39.29) is expected to open higher after announcing plans to reduce debt by $100 million.

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ViacomCBS added $0.90 to $45.25 after Wolfe Research raised its rating from Peer Perform to Outperform.

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Waste Management (WM $131.60) is expected to open higher after Goldman Sachs initiated coverage with a Buy rating.

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EquityClock’s Daily Comment

Following is a link:

http://www.equityclock.com/2021/04/06/stock-market-outlook-for-april-7-2021/

Technical Notes for Tuesday April 6th

Gold Bug Index (HUI) moved above 284.17 completing a double bottom pattern.

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Gold equity ETF (GDX) moved above US$34.48 completing a double bottom pattern.

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Wheaton Precious Metals (WPM), a TSX 60 stock moved above US$40.37 completing a reverse Head & Shoulders pattern.

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Kinross Gold (KGC), a TSX 60 stock moved above US$7.14 completing a double bottom pattern.

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Agnico-Eagle (AEM), a TSX 60 stock moved above Cdn$76.50 completing a double bottom pattern.

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General Motors (GM), an S&P 100 stock moved above $62.24 to an all-time high extending an intermediate uptrend.

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Medtronic (MDT), an S&P 100 stock moved above $119.92 to an all-time high extending an intermediate uptrend.

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Fastenal (FAST), a NASDAQ 100 stock moved above $51.58 to an all-time high extending an intermediate uptrend.

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Micron (MU), a NASDAQ 100 stock moved above $95.75 to an all-time high extending an intermediate uptrend.

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Global Timber iShares (WOOD) moved above $88.48 to an all-time high extending an intermediate uptrend.

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Gildan Activewear (GIL), a TSX 60 stock moved above $40.54 extending an intermediate uptrend.

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Natural gas ETN (UNG) moved below $9.06 setting an intermediate downtrend.

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Uranium ETF (URA) moved above $20.71 to a six year high extending an intermediate uptrend.

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Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for April 6th 2021

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Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for April 6th 2021

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Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for April 6th 2021

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Green: Increase from previous day

Red: Decrease from previous day

All seasonality ratings are based on performance relative to the S&P 500 Index

 

Disclaimer: Seasonality and technical ratings offered in this report and at

www.equityclock.com are for information only. They should not be considered as advice to purchase or to sell mentioned securities. Data offered in this report is believed to be accurate, but is not guaranteed




4 Responses to “Tech Talk for Wednesday April 7th 2021”

  1. KC Says:

    Good Morning Ron/BC,

    You threw up a Gold chart not too long ago which I did save. However, I’m very curious about trend in relation to oil and USD. You’ve been good at spotting divergences in the past and I’m wondering if you’d be kind enough to update the Gold chart relative to oil and gold please and see if you spot any divergences ?

    Thanks,
    KC

  2. xh Says:

    From last night

    Hi Ron/BC,

    Thank you for the chart of ICLN. It is not just insightful, it’s also nice to look at! You stayed up so late, sorry about that. Please take care!

  3. Mary Says:

    Aphria Shares in CDN $

    Anyone,

    Do you know what will happen to Aphria shares in Canada if the merger materializes with Tilray. This baby is doing so poorly tend to sell my shares but don’t want to take loss. Eventually it will come back (wishful thinking). Thanks in advance.

  4. Ron/BC Says:

    KC

    $GOLD has returned to its traditional ratio with $WTIC. A year ago the ratio went through the roof due to Oil crashing. Right now the ratio has been falling for the last 6 months looking at the downtrendline. If I had a gun to my head I’d bet that the ratio downtrerndline will breakout on the upside.

    https://stockcharts.com/h-sc/ui?s=%24GOLD%3A%24WTIC&p=D&yr=10&mn=0&dy=0&id=p00339833922&a=934563097

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