RY 169.51 -1.1719% SHOP 175.85 -3.2036% TD 85.4 -0.187% ENB 59.6 -1.715% BN 84.78 -1.4873% TRI 250.65 2.1186% CNQ 43.69 0.9007% CP 110.72 -0.5926% CNR 146.88 0.7891% BMO 142.84 -0.6054% BNS 72.34 -0.0829% CSU 4896.4902 0.1981% CM 87.07 -0.9668% MFC 45.08 6.5217% ATD 71.13 -0.6425% NGT 68.13 0.9932% TRP 64.42 -1.2872% SU 56.73 -0.0176% WCN 266.69 -0.146% L 176.74 -1.5157%
Company Overview: Ivanhoe Mines Ltd. (TSX: IVN) is a mineral exploration and development company engaged in the exploration, development, and recovery of minerals and precious gems. Through its subsidiaries, the company operates various mining projects across Africa. Baytex Energy Corp. (TSX: BTE) is a prominent oil and gas company with operations spanning both Canada and the United States. However, the company generates the majority of its revenue from its Canadian segment, which focuses on the exploration, development, and production of crude oil and natural gas, primarily in Western Canada. 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 negative note and maintained a negative momentum for the entire week. The S&P/TSX composite index declined by 90.19 points (0.35%) to 25442.91 for the week ending February 07, 2025. However, on February 10, 2025, the index rebounded, closing at 25,658.86, an increase of 215.95 points or approximately 0.85%. Among the top-performing sectors on Monday were Basic Materials, technology, consumer non-cyclicals, energy, real estate, industrials, consumer cyclicals, and utilities, while healthcare and financials lagged. According to data from Statistics Canada, Canada’s unemployment rate dropped by 0.1 percentage points to 6.6% in January. From a technical perspective, the weekly chart shows that the index is trading above a rising trendline support zone. Additionally, prices are holding above the 21-period and 50-period SMAs, which could act as support levels. The immediate resistance level is around 26,000, while support lies near 25,000. On the weekly timeframe, the RSI is currently at approximately 65.37, indicating strong momentum.
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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