RY 139.89 0.8943% TD 76.9 1.2242% SHOP 86.16 -18.5248% CNR 172.89 0.5818% ENB 51.15 1.1269% CP 112.14 0.5199% BMO 127.56 0.9816% TRI 229.43 0.1528% CNQ 105.96 1.0105% BN 60.44 0.683% ATD 75.02 0.4015% CSU 3820.47 1.7341% BNS 65.64 1.4685% CM 66.73 1.3364% SU 53.67 0.4304% TRP 52.0 1.069% NGT 57.07 0.3693% WCN 227.19 0.0528% MFC 33.6 0.9919% BCE 46.16 0.5445%
Company Overview: Hut 8 Corp. (TSX: HUT) is North America's innovation-focused digital asset miner. Located in energy-rich Alberta, Canada. Hut 8 has one of the highest installed capacity rates in the industry and holds more self-mined bitcoin than any crypto miner or publicly traded company globally. NanoXplore Inc. (TSX: GRA) is a graphene company, manufacturer, and supplier of high-volume graphene powder for use in industrial markets. The company provides graphene-enhanced plastic and composite products to various customers in transportation, packaging, electronics, and other industrial sectors. 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 the last week on a negative note and maintained a bearish momentum for the entire week. The S&P/TSX composite index declined by 20.89 points (0.10%) to 20937.55 for the week ending January 05, 2024. On January 08, 2024, the index closed at 21074.91, up by 137.36 points or ~0.66%. Technology, Industrials, Consumer Non-Cyclicals, Utilities, Consumer Cyclicals, Healthcare, Basic Materials, and Financials were the leading sectors, While Real Estate and Energy were the lagging sectors on Monday. As per the data published by Statistics Canada, Canadian employment was nearly unchanged (+0.0%) in December, and the unemployment rate held steady at 5.8%. The weekly chart indicates that the index prices are trading above the falling trendline resistance zone. Moreover, prices are sustaining above the 21-period & 50-period SMA, which may act as a support level for the index. The immediate resistance for the index is around 21750 while the immediate support exists at 20300. On the weekly time frame, RSI is reading at ~61.04 levels.
On the macro front, the upcoming major economic events that may impact the Canadian market sentiment include CA Building Permits m/m, U.S CPI y/y and U.S Unemployment Claims.
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