RY 169.88 -1.0542% SHOP 144.59 -0.959% TD 77.85 -0.1667% ENB 59.62 -0.5505% BN 78.53 -0.971% TRI 223.92 -0.2495% CNQ 47.03 -0.0213% CP 102.49 -0.5627% CNR 147.77 -0.8787% BMO 131.32 -0.0685% BNS 78.4 0.0255% CSU 4463.7002 0.6222% CM 90.42 0.6344% MFC 44.91 -1.3184% ATD 77.0 -0.7604% NGT 60.01 -0.4149% TRP 68.0 -2.2989% SU 56.965 -0.4282% WCN 260.14 -0.653% L 176.45 0.7135%
Company Overview: Baytex Energy Corp. (TSX: BTE) is an oil and gas company. Geographically, the group operates in Canada and the United States. The company derives a majority of revenue from Canada. Its Canada segment includes the exploration, development, and production of crude oil and natural gas in Western Canada. Prime Mining Corp. (TSX: PRYM) is engaged in the acquisition, exploration, and development of mineral resource properties, primarily targeting high-value and specialty metals. This Report covers the Price Action, Technical Indicators Analysis along with the Stop Loss Levels, Target Prices, and Recommendations on these two stocks.
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 advanced by 83.67 points (0.38%) to 22311.30 for the week ending August 09, 2024. On August 12, 2024, the index closed at 22398.93, up by 87.63 points or ~0.39%. Energy and Base Metals were the leading sectors, While Real Estate, Financials, Industrials, Healthcare, Technology, and Utilities were the lagging sectors on Monday. As per the data published by Statistics Canada, Canadian the total value of building permits in Canada fell 13.9% to $9.9 billion in June. The weekly chart indicates that the index prices are trading above the horizontal trendline support zone. Moreover, prices are sustaining above the 21-period & 50-period SMAs, which may act as a support level for the index. The immediate resistance for the index is around 22850, while the immediate support exists at 21750. On the weekly time frame, RSI is reading at ~58.06 levels.
On the macro front, the upcoming major economic events that may impact the Canadian market sentiment include US PPI m/m, U.S Retail Sales m/m and U.S Unemployment Claims.
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