RY 156.04 -0.032% TD 79.81 -0.4615% SHOP 99.81 0.9303% CNR 158.79 0.6401% ENB 53.84 0.4478% CP 111.87 0.8019% BMO 112.71 0.7419% TRI 225.62 0.396% CNQ 50.46 2.4777% BN 67.8 1.194% ATD 76.93 -1.0674% CSU 4321.5298 0.3257% BNS 67.27 1.3102% CM 78.76 1.5603% SU 54.66 -1.1037% TRP 62.42 1.2162% NGT 70.54 0.2558% WCN 251.32 0.3153% MFC 36.65 -0.0818% BCE 47.21 0.3187%
Company Overview: Russel Metals Inc. (TSX: RUS) is a Canada-based metal distribution company. The company conducts business primarily through three metals distribution segments: metals service centers; energy products; and steel distributors. The metal service centers provide processing and distribution services to a broad base of end-users. Bitfarms Ltd. (TSX: BITF) is a Canada-based global vertically integrated bitcoin mining company. The Company develops, owns, and operates vertically integrated mining farms with in-house management and Company-owned electrical engineering, installation service, and multiple onsite technical repair centers. 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 614.49 points (2.79%) to 22673.52 for the week ending July 12, 2024. On July 15, 2024, the index closed at 22751.68, up by 78.16 points or ~0.34%. Real Estate, Industrials, Energy, Basic Materials, Healthcare, Technology, and Financials were the leading sectors, While Consumer Cyclicals, Consumer Non-Cyclicals, and Utilities were the lagging sectors on Monday. As per the data published by Statistics Canada, Canadian manufacturing sales rose 0.4% to $71.4 billion in May. 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 23100, while the immediate support exists at 22300. On the weekly time frame, RSI is reading at ~66.91 levels.
On the macro front, the upcoming major economic events that may impact the Canadian market sentiment include CA CPI m/m, U.S Retail Sales m/m and U.S Unemployment Claims.
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