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CA Technical Analysis Report

The S&P/TSX Composite index edged Higher, 2 TSX-listed stocks to consider at the current levels- ENGH and URC

Sep 24, 2024

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

Company Overview: Enghouse Systems Limited (TSX: ENGH) is a Canadian company that specializes in delivering software and services tailored to various industries. Uranium Royalty Corp. (TSX:URC) is dedicated to capitalizing on uranium price movements by investing in various uranium interests. 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 298.72 points (1.27%) to 23867.37 for the week ending September 20, 2024. On September 23, 2024, the index closed at 23894.71, up by 27.34 points or ~0.11%. Energy, utilities, consumer non-cyclicals, technology, industrials,  real estate, and consumer cyclicals were the leading sectors, while healthcare, financials and basic materials were the lagging sectors on Monday.  As per the data published by Statistics Canada, Canadian Retail sales increased 0.9% to $66.4 billion in July. 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 24300, while the immediate support exists at 23000. On the weekly time frame, RSI is reading at ~68.39 levels.

On the macro front, the upcoming major economic events that may impact the Canadian market sentiment include CA GDP m/m, U.S Final GDP q/q and U.S Unemployment Claims.

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