Tech Talk for Wednesday June 8th 2022

June 8, 2022

2 minute read

Technical Notes for yesterday

Teck Resources $TECK.B.TO a TSX 60 stock moved above Cdn$56.67 to an all-time high extending an intermediate uptrend.

Oil Services ETF $OIH moved above $312.52 to a three year high extending an intermediate uptrend.

Canadian energy stocks continued to respond to higher crude oil and natural gas prices. Vermillion $VET.TO moved above $30.69 and Prairie Sky Royalty $PSK.TO moved above $19.48 to a three year high extending an intermediate uptrend.

Gains by Uranium stocks and ETFs

Cameco $CCO.TO jumped $2.44 to Cdn$33.85 and Uranium ETF $URA advanced $1.33 to US$23.56 on news late Tuesday that the Biden administration is seeking $4.3billion in funds to purchase enriched uranium and otherwise develop the US uranium industry. The announcement is a step towards banning Russian imports of the fuel. The proposal will require approval by Congress.

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for June 7^th 2022

Green: Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for June 7^th 2022

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for June 7^th 2021

Green: Increase from previous day

Red: Decrease from previous day

All seasonality ratings are based on performance relative to the S&P 500 Index (except TSX)

S&P 500 Momentum Barometers

The intermediate term Barometer added 6.92 to 48.20 yesterday. It remains Neutral. Trend is up.

The long term Barometer added 3.21 to 38.48 yesterday. It remains Oversold. Trend is up.

TSX Momentum Barometers

The intermediate term Barometer added 1.50 to 37.05 yesterday. It remains Oversold.

The long term Barometer added 0.63 to 41.96 yesterday. It remains Neutral.

Disclaimer: Seasonality and technical ratings offered in this report and at

www.equityclock.com are for information only. They should not be considered as advice to purchase or to sell mentioned securities. Data offered in this report is believed to be accurate, but is not guaranteed.

Author

Don Vialoux, EquityClock.com

Don Vialoux is the author of free daily reports on equity markets, sectors, commodities and Exchange Traded Funds. All of the views expressed herein are his personal views although they may be reflected in positions or transactions in the various client portfolios. Daily reports are available at http://www.timingthemarket.ca.