RY 169.88 -1.0542% SHOP 144.59 -0.959% TD 77.85 -0.1667% ENB 59.62 -0.5505% BN 78.53 -0.971% TRI 223.92 -0.2495% CNQ 47.03 -0.0213% CP 102.49 -0.5627% CNR 147.77 -0.8787% BMO 131.32 -0.0685% BNS 78.4 0.0255% CSU 4463.7002 0.6222% CM 90.42 0.6344% MFC 44.91 -1.3184% ATD 77.0 -0.7604% NGT 60.01 -0.4149% TRP 68.0 -2.2989% SU 56.965 -0.4282% WCN 260.14 -0.653% L 176.45 0.7135%

CA Technical Analysis Report

The S&P/TSX Composite index edged higher, One TSX-listed stock to consider at the current levels- ECO

Sep 17, 2024

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

Company Overview: EcoSynthetix Inc. (TSX: ECO) sounds like an innovative company with a focus on sustainability and green technology. By developing bio-based alternatives to traditional petrochemical products, they're contributing to reducing environmental impact and promoting the use of renewable resources. 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 positive note and maintained a bullish momentum for the entire week. The S&P/TSX composite index gained 787.22 points (3.46%) to 23568.65 for the week ending September 13, 2024. On September 16, 2024, the index closed at 23702.07, up by 133.42 points or ~0.57%. Healthcare, energy, utilities, consumer non-cyclicals, technology, financials, industrials,  and consumer cyclicals were the leading sectors, while real estate and basic materials were the lagging sectors on Monday. As per the data published by Statistics Canada,  Canadian manufacturing sales rose 1.4% to $71.0 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, 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 22950. On the weekly time frame, RSI is reading at ~66.88 levels.

On the macro front, the upcoming major economic events that may impact the Canadian market sentiment include CA CPI m/m, US Federal Funds Rate and US Unemployment Claims.

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