Company Overview: Kenorland Minerals Ltd. (TSXV: KLD) is a well-financed mineral exploration company focused on project generation and early-stage exploration across North America. The company’s strategy emphasizes advancing greenfield projects through systematic, property-wide, phased exploration programs. ADF Group Inc. (TSX: DRX) specializes in the design and engineering of steel connections, fabrication including industrial coating and the installation of steel structures and built-ups. The company also provides miscellaneous and architectural metalwork solutions, serving a range of industrial, commercial, and infrastructure projects. 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 S&P/TSX Composite Index (TSX: ^TSX) ended the week slightly lower, down 3.69% to 31,923.52, but rebounded on February 2, 2026, rising 260.36 points (+0.82%), indicating renewed buying interest. Sector performance was mixed, with basic materials, consumer non-cyclicals, technology, healthcare, consumer cyclicals, real estate, financials, and industrials outperforming, while utilities and energy lagged. From a technical perspective, the index remains constructive, holding above its rising trendline support and the 21-period Simple Moving Average (SMA), confirming the uptrend. Immediate resistance is seen near 32,800, and a breakout above this level could open the door for further gains. On the downside, support is around 31,600, while the weekly RSI of 65.88 signals strong and persistent buying momentum.
On the macro front, the upcoming major economic events that may impact the Canadian market sentiment include CA Employment Change, US ISM Services PMI and US Unemployment Claims.
Global Markets Wrap-Up
U.S. equity markets weakened during the week ending January 30, 2026, with major indices posting broadly negative performance. The Nasdaq Composite led the declines, slipping 0.17% to close at 23,461.82 amid renewed selling pressure in technology stocks. The Russell 2000, a key gauge of small-cap stocks, fell 2.08% to finish at 2,613.74. On the macroeconomic front, U.S. labor market data showed modest improvement. Initial jobless claims declined by 1,000 to a seasonally adjusted 209,000 for the week ending January 24, down from the prior week’s revised 210,000.
Taking into the US market's performance over the last week, following the major global macros and data front, based on the technical analysis of the S&P/TSX Composite Index, the two TSX listed stocks fit the maximum criteria on the technical framework. The recommendations are based on the generic insights, entry price, target prices, and stop-loss for Kenorland Minerals Ltd. (TSXV: KLD) and ADF Group Inc. (TSX: DRX) for the next 2-4 weeks.
Kenorland Minerals Ltd. (TSXV: KLD)
Price Action Analysis (On the Daily Chart)
On the daily chart, KLD is trading above a key horizontal trendline support, highlighting steady buying interest at current levels. The recent rebound, supported by rising trading volumes, signals strengthening bullish momentum and growing market participation. In the near term, sustained positive sentiment over the next 2–4 weeks could support a retest of immediate resistance near CAD 3.25. A decisive breakout above this level would shift focus toward the next upside target at CAD 3.50, while a confirmed close above this zone would further validate the prevailing uptrend and open the door for additional gains. Overall, technicals suggest constructive near-term momentum, with key resistance levels guiding the potential upside trajectory.
Technical Analysis (On the Daily Chart)
On the daily chart, 14-period Relative Strength Index (RSI) stands at 49.43, indicating healthy momentum with room for further upside. Weekly trading volumes remain elevated, reinforcing the prevailing bullish trend and sustained market participation. The stock continues to trade above its 50-period Simple Moving Average (SMA), which acts as a key dynamic support and underpins the ongoing uptrend.
General Recommendation:
As per the above-mentioned price action and technical analysis, Kenorland Minerals Ltd. looking technically well-placed on the chart, and a ‘Speculative Buy’ recommendation has been given on the stock. Investment decisions should be made depending on an individual’s appetite for upside potential, risks, and any previous holdings. This recommendation is purely based on technical analysis, and fundamental analysis has not been considered in this report. Below is the summary of our recommendation.
ADF Group Inc. (TSX: DRX)
Price Action Analysis (On the Daily Chart)
On the daily chart, DRX continues to trade above a key falling trendline support, forming a solid technical base that underscores the strength of the prevailing uptrend. Recent gains, supported by rising trading volumes, indicate improving market participation and reinforce a positive near-term outlook. Over the next 2–4 weeks, DRX appears well positioned to retest resistance near CAD 8.97. A decisive breakout and sustained close above this level would confirm the continuation of the uptrend, potentially triggering a new rally phase and unlocking further momentum-driven upside. Overall, the technical setup suggests constructive near-term momentum, with key support and resistance levels guiding potential gains within the broader bullish structure.
Technical Indicators Analysis (On the Daily Chart)
On the daily chart, DRX’s 14-period Relative Strength Index (RSI) is near 70.48, reflecting strong bullish momentum while approaching overbought conditions. Weekly trading volumes remain supportive, indicating sustained investor interest and reinforcing the strength of the recent rebound. The stock continues to trade above its 21-period Simple Moving Average (SMA), which acts as key dynamic support and helps anchor the prevailing uptrend.
General Recommendation:
As per the above-mentioned price action and technical analysis, ADF Group Inc. looking technically well-placed on the chart, and a ‘Speculative Buy’ recommendation has been given on the stock. Investment decisions should be made depending on an individual’s appetite for upside potential, risks, and any previous holdings.This recommendation is purely based on technical analysis, and fundamental analysis has not been considered in this report. Below is the summary of our recommendation.
Upcoming Major Global Economic Events
Market events occur on a day-to-day basis depending on the frequency of the data and generally include updates on employment, inflation, GDP, consumer sentiments, etc. Noted below are the upcoming week's major global economic events that could impact the S&P/TSX Composite Index and listed stocks' prices.
Related Risks: This report may be looked at from high-risk perspective and recommendations are provided are for a short duration. Recommendations provided in this report are solely based on technical parameters, and the fundamental performance of the stocks has not been considered in the decision-making process. Other factors which could impact the stock prices include market risks, regulatory risks, interest rates risks, currency risks, social and political instability risks etc.
Markets are trading in a highly volatile zone currently due to certain macro-economic issues and geopolitical tensions prevailing. Therefore, it is prudent to follow a cautious approach while investing.
Note 1: Individuals can consider exiting from the stock if the Target Price or Stop loss mentioned as per the technical analysis has been achieved and subject to the factors discussed above.
Note 2: How to Read the Charts?
The Green color line reflects the 21-period moving average, while the Red color line indicates the 50-period moving average. SMA helps to identify existing price trend. If the prices are trading above the 21-period and 50-period moving average, then it shows prices are currently trading in a bullish trend.
The Black color line in the chart's lower segment reflects the Relative Strength Index (14-Period), which indicates price momentum and signals momentum in trend. A reading of 70 or above suggests overbought status, while a reading of 30 or below suggests an oversold status.
The Blue color bars in the chart's lower segment show the volume of the stock. The volume is the number of shares that changed hands during a given day. Stocks with high volumes are more liquid than stocks with lesser volume. Liquidity in stocks helps in easier and faster execution of the order.
The Orange color lines are the trend lines drawn by connecting two or more price points and used for trend identification purposes. The trend line also acts as a line of support and resistance.
Technical Indicators Defined: -
Key Risks: Technical indicators are backward-looking and may generate false or lagged signals, particularly during volatile or changing market conditions. Price trends may also be disrupted by fundamental, macroeconomic, or company-specific developments not captured in charts.
Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.
Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock.
Stop-loss: It is a level to protect further losses in case of unfavourable movement in the stock prices.
Risk Reward Ratio: The risk reward ratio is the difference between an entry point to a stop loss and profit level. This report is based on ~80% Stop Loss of the Target 1 from the entry point.
A trailing stop-loss is a modification of stop-loss in case of favourable movement in the price to protect the gains. Individuals can Trail the Stop-Loss as per the aforementioned levels if the stock price achieves more than 50% of the Target 1. individuals should consider exiting from the position as per the Trailing Stop-Loss level if the price starts moving downwards after achieving more than 50% of the Target 1.
The reference date for all price data, currency, technical indicators, support, and resistance levels is February 02, 2026. The reference data in this report has been partly sourced from REFINITIV.
Abbreviations
CMP: Current Market Price
SMA: Simple Moving Average
CAD: Canadian Dollar
RSI: Relative Strength Index
Note: Trading decisions require a thorough analysis by individuals. Technical reports in general chart out metrics that may be assessed by individuals before any stock evaluation. The above are illustrative analytical factors used for evaluating the stocks; other parameters can be looked at along with additional risks per se. Past performance is neither an indicator nor a guarantee of future performance.
Past performance is not a reliable indicator of future performance.
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