Company Overview: Interfor Corporation (TSX: IFP) is a prominent player in the lumber and wood products industry, primarily focused on producing and selling lumber, timber, and various wood products. The company operates sawmills that transform harvested timber into finished products like lumber, logs, and wood chips, catering to a range of markets. This Report covers the Price Action, Technical Indicators Analysis along with the Stop Loss Levels, Target Prices, and Recommendation on this one stock. 

Canada Market Round-Up

The benchmark S&P/TSX Composite Index (TSX: ^TSX) started last week on a positive note and maintained a bullish momentum for the entire week. The S&P/TSX composite index gained 89.45 points (0.37%) to 23956.82 for the week ending September 27, 2024. On September 30, 2024, the index closed at 24000.37, up by 43.55 points or ~0.18%. Consumer non-cyclicals, energy, real estate, technology, financials, industrials,  and consumer cyclicals were the leading sectors, while healthcare, utilities, and basic materials were the lagging sectors on Monday. As per the data published by Statistics Canada,  Canadian real gross domestic product (GDP) was up 0.2% in July. The weekly chart indicates that the index prices are trading above the rising trendline support zone. Moreover, prices are sustaining above the 21-period, which may act as a support level for the index. The immediate resistance for the index is around 24550, while the immediate support exists at 23350. On the weekly time frame, RSI is reading at ~69.23 levels.

On the macro front, the upcoming major economic events that may impact the Canadian market sentiment include CA Manufacturing PMI, US Non-Farm Employment Change and US Unemployment Claims.

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