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: Organigram Holdings Inc. (TSX: OGI) is positioned as a key player in the Canadian cannabis industry, emphasizing both quality and innovation. As a licensed producer, their focus on indoor-grown cannabis suggests a commitment to controlling environmental variables and optimizing product quality, which can be crucial for both medical patients and recreational users. TeraGo Inc. (TSX: TGO) seems to be positioning itself as a key player in the high-speed, high-capacity wireless networking space in 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 bearish momentum for the entire week. The S&P/TSX composite index declined by 564.75 points (2.42%) to 22781.43 for the week ending September 06, 2024. On September 09, 2024, the index closed at 23027.15, up by 245.72 points or ~1.08%. Healthcare, Financials, Industrials, Basic Materials, Technology, Real Estate, Consumer Cyclicals, Consumer Non-Cyclicals, Energy, and Utilities were the leading sectors, on Monday. As per the data published by Statistics Canada, Canadian employment changed little in August (+22,000; +0.1%). The weekly chart indicates that the index prices are trading above the horizontal 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 23660, while the immediate support exists at 22650. On the weekly time frame, RSI is reading at ~60.81 levels.
On the macro front, the upcoming major economic events that may impact the Canadian market sentiment include CA Wholesale Sales m/m, US CPI m/m and U.S Unemployment Claims.
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