RY 168.02 -0.2138% TD 84.54 0.583% SHOP 98.44 1.6522% CNR 161.44 -0.4686% ENB 55.37 0.7093% CP 117.35 -0.4074% BMO 116.29 0.5969% TRI 234.8 -0.5% CNQ 43.4 -2.0316% BN 67.06 0.8573% ATD 75.0 -1.1467% CSU 4286.48 0.3286% BNS 70.72 0.6834% CM 83.49 0.9675% SU 49.53 0.4462% TRP 63.27 1.1187% NGT 73.0 1.5299% WCN 252.39 -0.095% MFC 38.15 0.58% BCE 48.11 0.4594%

CA Technical Analysis Report

S&P/TSX Composite index edged lower, One TSX-listed stock to consider at the current levels- LGO

Aug 06, 2024

LGO:TSX
Investment Type
Small-Cap
Risk Level
Action
Rec. Price (CA$)

Company Overview: Largo Inc. (TSX: LGO) specializes in the production and supply of premium vanadium products, leveraging its expertise to support various industries. The company's commitment extends beyond traditional vanadium applications, with a significant focus on advancing renewable energy storage solutions. 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 negative note and maintained a bearish momentum for the entire week. The S&P/TSX composite index dropped by 587.18 points (0.2.57%) to 22227.63 for the week ending August 02, 2024. Utilities was the only leading sector, While Healthcare, Technology, Financials, Real Estate, Energy Basic Materials, Industrials, Consumer Cyclicals,  and  Consumer Non-Cyclicals were the lagging sectors on Friday. As per the data published by Statistics Canada, the Canadian real gross domestic product (GDP) grew 0.2% 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, 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 21550 On the weekly time frame, RSI is reading at ~55.62 levels.

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

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