RY 172.7 -0.1792% SHOP 152.38 -3.7762% TD 74.49 -0.4144% ENB 58.66 0.2906% BN 80.21 0.2124% TRI 235.76 -0.7034% CNQ 42.27 -1.3305% CP 102.81 -2.4851% CNR 145.02 -0.9426% BMO 139.15 0.5855% BNS 77.045 -0.149% CSU 4497.2998 0.6756% CM 92.23 -0.335% MFC 43.28 0.8858% ATD 79.0 -1.1882% NGT 53.35 -1.8038% TRP 65.26 0.215% SU 49.61 -1.411% WCN 251.65 -0.2181% L 191.14 0.1205%
Company Overview: Bitfarms Ltd. (TSX: BITF) is a global, publicly traded Bitcoin mining company. Bitfarms Ltd. develops, owns, and operates vertically integrated mining farms with in-house management and company-owned electrical engineering, installation service, and multiple onsite technical repair centers. Standard Lithium Ltd. (TSXV:SLI) is a Canada-based lithium development company. The Company focused on the development of a portfolio of lithium-brine bearing properties in the United States. 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 351.37 points (1.44%) to 24822.54 for the week ending October 18, 2024. On October 21, 2024, the index closed at 24723.33, down by 99.21 points or ~0.40%. Healthcare was the only leading sector, while real estate, consumer non-cyclicals, energy, utilities, technology, industrials, consumer cyclicals, financials and basic materials were the lagging sectors on Monday. As per the data published by Statistics Canada, Canadian investment in building construction edged up 0.2% to $21.0 billion in August. 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 25200, while the immediate support exists at 23850. On the weekly time frame, RSI is reading at ~73.19 levels.
On the macro front, the upcoming major economic events that may impact the Canadian market sentiment include CA BOC Rate Statement, U.S Retail Sales m/m and U.S Unemployment Claims.
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