MY JOURNAL FOR TUESDAY MORNING – AUGUST 4, 2020
NEWS, BREAKOUTS, MOMENTUM PLAYS, & BOTTOMS
PDF file that will have my top ten charts of the week. This is to summarize all of the work I go through every week and give you the best information on market direction. This will also include my preferred opinion on the market: very aggressive, moderately aggressive, selective, defensive, very defensive. We want to be aggressive coming out of major lows. Theses runs can last a few weeks to months and perhaps more than a year. I will be investing in the same tone I am recommending.
The weekly video which summarizes the major moves in the USA, Canada, rest of world, commodities, bonds and currencies including:
Commodities: Copper, steel, rare earth metals, lithium, gold, silver, oil, and natural gas, marijuana.
Bonds: 3 month, 2 year, 5 year, 10 year, 30 year.
Equities: A large part of my work makes sure that you’ll be in tune with the major moves in the indexes.The protection of capital to miss the big downside moves as well as the aggressive entries near the lows to maximize profits in the moves and keeping it as profit in your portfolio.
Currencies: a comprehensive look at the major currency pairs every week. These pairs can drive some of the major changes in world economics. Being aware of these changes when they occur can help you position for new strategies and selections as the changes happen.
Global markets are important to support major uptrends in the North American markets. A summary of this information enables you to be aware of country ETF’s that are doing well to help you diversify your portfolio across global markets.
A vital chartlist that you can quickly look through with my top 30 charts at any given time. These charts will change as the market changes and will allow you to see the current status of charts I posted in the newsletter.
Once a month conference call – This will be recorded and saved if you can not attend live but are still interested.
- Dwight Galusha also posts daily setups that are appearing on his radar. Here is an example of his chart showing the setup, and the resulting follow through:
Stock of the Week – Chewy
This one is for our furry friends! Chewy is a supply store for all things pets and broke out in its new IPO (Initial Public Offering), around June 2019. It started high, dipped down to test the lows, and had a brief moment lower during COVID-19. But now has reached an all-time high. It’s out performing the S&P 500, and with a lot of volume showing up we see interest coming.
Award Winning Technical Analysis | Greg Schnell.com | Avoid the downside and learn to keep more of your profits. – LEARN MORE
Look out! It’s a Chart Attack! Part 2 – Economy – 5i Research 🧐
We hope that by now, you had the opportunity to sign up to receive our Chart Attack Report. If not, feel free to go ahead via the link below.
Last week, as a brief introduction, I walked you through the charts we included in this report and why. If you missed it, you can find it here.
This week, we will do the same for the Economy portion of the report.
Canada Headline CPI
This chart highlights the historical inflation rate for headline and core CPI. Typically, analysts view moderate inflation in the 1% to 3% range as ‘healthy’. However, if inflation gets out of control, it can create a lot of problems for the economy.
When you look at this chart, due to the pandemic, it will look like thee is a data error in it. – READ MORE
Dwight Galusha, CMT, is a contributor of 5i Research is a conflict-free investment research provider for retail investors offering research reports, model portfolios and investor Q&A, which is available to try for free (Click Here).
Docebo (TSX:DCBO) – Signal on November 22st, 2019 @ $16.10 (+177% to the high of $44.63 in just over 8 months) – ALERT LINK
The following are documented trade ideas featured each week in Capital Ideas Digest
Shopify’s Perfect Timing – Uncommon Sense Investor 📺
What is it that Shopify has tapped into that has allowed it to become Canada’s most valuable company by market value? Tech expert and media content entrepreneur Amber Mac, founder of AmberMac Media, has a good idea of what makes Shopify so successful. Mac has partnered with the e-commerce platform upstart so she knows the company’s culture intimately and what makes its employees tick.
View from the Chat Room 💻
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BREAKOUTS, MOMENTUM PLAYS, & BOTTOMS 📈
Algonquin Power (TSX:AQN) – Daily Chart
Algonquin Power is threatening to breakout above a major trendline while the PPO momentum indicator attempts to push above the zero.
Cresco Labs (CSE:CL) – Weekly Chart
Cresco Labs has started to breakout from a bull flag pattern and above a major horizontal resistance line while the weekly PPO momentum indicator threaten to cross above the zero line.
Dollarama (TSX:DOL) – Weekly Chart
Dollarama is setting up near the upper trendline of a multi-year continuation pattern. As the old technical saying goes, the bigger the base the higher the space. A breakout from this technical pattern would be very bullish and suggest the beginning of a continuation of the prevailing uptrend.
Dream Industrial REIT (TSX:DIR.UN) – Daily Chart
Dream Industrial REIT has started to push higher from a tight continuation pattern. A breakout above the 11.46 price label would complete the technical pattern and suggest further upside momentum to follow.
ECN Capital (TSX:ECN) – Daily Chart
ECN Capital appears to be breaking out above a major horizontal resistance line and big volume by price accumulation area.
Lightspeed (TSX:LSPD) – Daily Chart
Lightspeed has started to push above a major trendline on an increase in volume while the PPO momentum indicator curls higher off of zero.
Park Lawn (TSX:PLC) – Daily Chart
Park Lawn has started to breakout from a multi-week continuation pattern and above a major horizontal resistance line as the PPO momentum indicator trends higher.
Premium Brands Holdings (TSX:PBH) – Weekly Chart
Premium Brands continues to push higher from a small continuation triangle that is located within the larger multi-month pattern. This is bullish price action and suggests further upside price momentum to follow.
Savaria (TSX:SIS) – Monthly Chart
Savaria has spent the last 2 months consolidating after pushing above the upper trendline of a falling wedge continuation pattern. This is a bullish setup (especially with the monthly PPO momentum indicator crossing higher) and a breakout above the horizontal resistance line would propel price action to a new 20 month high.
Summit Industrial REIT (TSX:SMU.UN) – Daily Chart
Summit Industrial REIT has broken out from a tight continuation triangle following a large spike in volume that flagged out signal.
Tricon Capital (TSX:TCN) – Daily Chart
Tricon Capital has started to breakout from a multi-week continuation pattern and above a major horizontal resistance line.
WPT Industrial REIT (TSX:WIR.UN) – Daily Chart
WPT Industrial REIT has started to push higher from a continuation pattern and above a major horizontal resistance line while the PPO momentum indicator curls off of zero.
WSP Global (TSX:WSP) – Daily Chart
WSP Global continues to setup near the apex of a falling wedge continuation pattern while the PPO momentum indicator attempts to cross above the zero line. Watch for a breakout.
Xebec Adsorption (TSXV:XBC) – Daily Chart
Xebec is setup near the apex of a giant continuation triangle while the PPO momentum indicator starts to curl higher off the zero line. Watch for a breakout.
MOMENTUM ALERT SIGNALS 📡
Have a great day! 🙂
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