RY 172.7 -0.1792% SHOP 152.38 -3.7762% TD 74.49 -0.4144% ENB 58.66 0.2906% BN 80.21 0.2124% TRI 235.76 -0.7034% CNQ 42.27 -1.3305% CP 102.81 -2.4851% CNR 145.02 -0.9426% BMO 139.15 0.5855% BNS 77.045 -0.149% CSU 4497.2998 0.6756% CM 92.23 -0.335% MFC 43.28 0.8858% ATD 79.0 -1.1882% NGT 53.35 -1.8038% TRP 65.26 0.215% SU 49.61 -1.411% WCN 251.65 -0.2181% L 191.14 0.1205%
Company Overview: Surge Energy Inc. (TSX: SGY) is actively involved in exploring new oil and gas reserves, developing existing properties, and producing petroleum products. The company's operations are primarily centered in western Canada, where it leverages its expertise to extract and process oil and natural gas liquids (NGLs), alongside natural gas. 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 negative note and maintained a bearish momentum for the entire week. The S&P/TSX composite index declined by 84.24 points (0.39%) to 21584.86 for the week ending June 21, 2024. On June 24, 2024, the index closed at 21848.59, up by 293.73 points or ~1.36%. Energy, Healthcare, Industrials, Consumer Cyclicals, Financials, Real Estate, Basic Materials, Utilities and Consumer Non-Cyclicals were the leading sectors, While Technology was the lagging sector on Monday. As per the data published by Statistics Canada, Canadian retail sales increased 0.7% to $66.8 billion in April. The weekly chart indicates that the index prices are trading above the horizontal trendline support zone. Moreover, prices are sustaining above the 50-period, which may act as a support level for the index. The immediate resistance for the index is around 22450, while the immediate support exists at 21200. On the weekly time frame, RSI is reading at ~54.68 levels.
On the macro front, the upcoming major economic events that may impact the Canadian market sentiment include CA CPI m/m, US Final GDP q/q and Unemployment Claims.
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