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CA Technical Analysis Report

The S&P/TSX Composite Index is trading above 50-period SMA, One TSXV-listed stock to consider at the current levels- HIVE

Oct 15, 2024

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

Company Overview: HIVE Blockchain Technologies Ltd. (TSXV: HIVE) focuses on blockchain infrastructure solutions, primarily through digital currency mining. Their notable project is the Iceland cryptocurrency mining project, which leverages the country’s renewable energy resources for efficient mining operations. 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 308.34 points (1.28%) to 24471.17 for the week ending October 11, 2024. Consumer Cyclicals, utilities, real estate, basic materials, consumer non-cyclicals, technology, financials, industrials, and energy were the leading sectors, while healthcare was the lagging sector on Friday. As per the data published by Statistics Canada,  the total value of building permits in Canada saw a significant decline, dropping by $858.1 million, which is a decrease of 7.0%, bringing the total to $11.5 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, 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 ~72.76 levels.

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

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Disclaimer-

The advice given by Kalkine Canada Advisory Services Inc. and provided on this website is general information only and it does not take into account your investment objectives, financial situation and the particular needs of any particular person. You should therefore consider whether the advice is appropriate to your investment objectives, financial situation and needs before acting upon it. You should seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice) as necessary before acting on any advice. Not all investments are appropriate for all people. The website www.kalkine.ca is published by Kalkine Canada Advisory Services Inc. The link to our Terms & Conditions has been provided please go through them. On the date of publishing this report (mentioned on the website), employees and/or associates of Kalkine do not hold positions in any of the stocks covered on the website. These stocks can change any time and readers of the reports should not consider these stocks as advice or recommendations later.