Charts to watch- September 16th- 21st
Bausch health (BHC.TO, BHC)
Bausch health is looking very interesting with what looks like to be an inverse head and shoulder pattern building on the longer term chart. the base its building is looking very strong, and a breakout of this base should have plenty of room to run. in the short term BHC is breaking out of the descending triangle, a counter bearish move. Fridays price action was bullish as we saw a sideways to slightly down trade, as it was able to digest the big moves over the last 2 days. These moves from Monday to Thursday were on very elevated volume, and with no news except for an upgrade by sell side. overall, this chart looks constructive for the long and short term.
Air Canada (AC.TO)
Air Canada looks to be in consolidation mode, after a nice move upwards in July. the stock has been moving in a pattern since the breakout from the long base in 2019. the pattern has been move higher, new high, than consolidate, and it looks to be in this pattern once again.
Manulife financial (MFC.TO MFC)
Manulife looks to be at heavy resistance at the top of the trading channel, which its on the verge of testing. One can trade this here and sell it if they already own some, as it seems like its overextended here, especially with no fundamental reasoning for this move up. however, a break or sideways consolidation could be a good setup, as it would no longer be stuck in a downtrend. another move could be to sell now and wait for a more confirming move than what looks like just a counter trend move.
Transforce international (TFII.to)
Transforce is looking like manulife- looking like a good opportunity to reduce if you hold it, for what looks to be another counter trend trade. however, longer term buyers can look to buying on the longer term trend line, with a stop ready in case of a break. a break above the 1 year downtrend of the upper line would be very bullish, yet doesn’t look like something thats going to happen anytime soon.