RY 178.27 -0.724% SHOP 167.55 4.6664% TD 73.51 -0.689% ENB 61.05 -0.9411% BN 84.64 0.4748% TRI 241.65 1.8546% CNQ 45.66 -2.1012% CP 106.61 -0.4854% CNR 151.37 -1.2912% BMO 146.32 4.7162% BNS 78.94 0.8302% CSU 4698.6602 -0.2014% CM 94.35 0.8659% MFC 45.81 0.2626% ATD 81.38 -0.2085% NGT 58.19 1.1472% TRP 68.29 -0.5823% SU 54.31 -1.1647% WCN 269.35 0.8688% L 191.71 -0.5499%

CA Technical Analysis Report

The S&P/TSX Composite index edged higher, 2 TSX-listed stocks to consider at the current levels- MG and BB

Nov 12, 2024

MG:TSX
Investment Type
Large-cap
Risk Level
Action
Rec. Price (CA$)
BB:TSX
Investment Type
Mid - Cap
Risk Level
Action
Rec. Price (CA$)

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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