RY 172.65 -0.9807% SHOP 151.83 -2.6918% TD 76.165 -0.3337% ENB 59.87 -0.7131% BN 81.1 -1.6135% TRI 230.56 -1.3563% CNQ 43.29 -0.437% CP 103.31 -1.2144% CNR 145.23 -1.2175% BMO 138.79 -0.8218% BNS 76.98 -0.6966% CSU 4427.4399 -2.366% CM 90.43 -0.2427% MFC 43.7 -1.3321% ATD 78.92 -1.5223% NGT 53.31 -2.2731% TRP 66.37 -0.5544% SU 50.56 -0.5899% WCN 246.23 -0.336% L 188.51 -1.376%
Company Overview: Magna International Inc. (TSX: MG) is a major global automotive supplier that operates with a unique entrepreneurial culture and a focus on creating value for a diverse set of stakeholders, including employees, customers, shareholders, and communities. BlackBerry Limited (TSX: BB) has transitioned from its origins as a smartphone manufacturer into a prominent player in the field of intelligent security software and services. 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 504.24 points (2.08%) to 24759.40 for the week ending November 08, 2024. On November 11, 2024, the index closed at 24789.28, up by 29.88 points or ~0.12%. Technology, industrials, consumer non-cyclicals, financials and energy were the leading sectors, While basic materials, healthcare, real estate, consumer cyclicals, and utilities were the lagging sectors on Monday. As per the data published by Statistics Canada, the Canadian unemployment rate was unchanged at 6.5% in October. The weekly chart indicates that the index prices are trading above the rising 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 25450, while the immediate support exists at 24150. On the weekly time frame, RSI is reading at ~69.47 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 m/m and U.S Unemployment Claims.
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