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Actionable Setups in the TSX 60 – Investopedia

While updating our Canadian chartbooks this weekend, I noticed a few that stood out as offering well-defined opportunities where the reward/risk is skewed in our favor. This short post will outline these names and levels, but members of All Star Charts can view all of our Canadian Universe by clicking here.
There aren’t many stocks in Canada hitting all-time highs right now, but Rogers Communications Inc. (RCI-B.TO) is one of them. It’s a leading stock in a strong sector, so as long as it’s above 68.70 Canadian dollars, we want to be long with an upside objective of CA$95.25.
[My Technical Analysis course on the Investopedia Academy uses interactive content and real-world examples to introduce you to the tools you need to recognize attractive trading opportunities and maximize your profits.]
Financials have been a weak spot in the market, with many long-term topping patterns taking place. Manulife Financial Corporation (MFC.TO) confirmed a head and shoulders top in September and is now retesting its broken neckline. We want to be selling into this strength as long as prices are below CA$23, with price objectives of CA$20 and CA$16.50.
The Bank of Nova Scotia (BNS.TO) is also retesting former support after breaking down from a two-year range in October. As long as prices are below CA$72.50, we want to be short with downside objectives of CA$64.50 and CA$52.
Cameco Corporation (CCO.TO), on the other hand, is attempting to break out of a three-year bottoming pattern. While this breakout may take some time, this is a name we want to be keeping on our radar into year end and buying a breakout above CA$17, with a target of CA$21.25.
If you enjoyed this post and want a full list of opportunities in the TSX 60, consider joining the All Star Charts community by starting a 30-day risk-free trial or signing up for our “Free Chart of the Week”.
Thanks for reading, and let us know if you have any questions!
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