• Good morning, everyone, and welcome to Thursday morning. .
• It's Stephen Whiteside here from TheUpTrend. .
• com In the pre-market this morning, things are fairly quiet. .
• They're quiet ahead of a large number of .
• economic numbers that are going to come out at 8:30 this morning, .
• and those could certainly change the direction of the market, but so far, it .
• looks like investors want to do a little buying on Thursday morning. .
• Starting off, looking at the TSX Energy Index. .
• This index has been on a run for the last month, and we are still projecting higher .
• prices here, but we are coming up to resistance. .
• You can see where we peaked back a few months ago, just above where we are now. .
• That could certainly be a target and an area where the market starts to pull back. .
• Now, when we're looking at individual .
• stocks, they should look pretty similar to this. .
• They should have caught a bid as the index started to move up, and they should have .
• been making new highs over the past couple of days. .
• So we'll have to see if that's the case. .
• We'll take a look at some individual stocks later in the presentation. .
• Looking at price targets, you can see we are coming up to our next price target, .
• and that's where we peaked out back in November. .
• Of course, we are projecting higher prices .
• here, so we could break through that level and head up. .
• You can see on the weekly chart that 281. .
• 25 would be our next weekly target. .
• We did struggle to get up to that level .
• back in the fall of last year, and at the fall of 2022, we started to fade. .
• We were able to trade above that level back in the summer of 2022, but it's been .
• a while since we've been back up at these levels. .
• Now, one of the most actively traded ETFs in Canada is the iShares XEG. .
• It's one of the most popular ways to play .
• the energy sector if you don't want to be a stock picker. .
• And as you can see, it's looking pretty .
• similar to the index, making a new closing high for this move. .
• We are coming up to the 17. 58 level. .
• That's where we peaked out back in early November. .
• The top of our projected trading range on this chart is 17. .
• 97, and so that is certainly a legitimate target. .
• If we can take that out, then a possible run up to 18. .
• 75 could happen, and we peaked out there back in the summer of 2022. .
• Now, the iShares ETF is an unleveraged .
• ETF, so it's going to trade pretty similar to the index It was up 1. .
• 81% yesterday. .
• The way I prefer to trade this sector is .
• to use the 2X Horizons BetaPro XEU ETF, and it was up 3. .
• 52%, as you would expect yesterday. .
• It's looking pretty similar to the index itself. .
• Our next price target is 29. .
• 69, and that's where we peaked out back in early November. .
• Now, of course, when we get a sell signal in the Bull ETF, the 2X Bull ETF, we can .
• always roll over and look at the possibility of buying the 2X Bear ETF, .
• which could certainly come into play at some time in the not-so-distant future. .
• Now, looking at individual stocks, again, .
• they should look pretty similar to the index. .
• They should have caught a bid when the index caught a bid, and they .
• should be making new highs for this move as TC Energy is doing. .
• But we're going to look to see how similar they to the index themselves. .
• There's Suncor making a new high for this move, a new high for Canadian Natural .
• Resources, a new high for Crescent Point yesterday. .
• There's a new high for Synovus. .
• And anything that's trading in the channel .
• or dipping into the channel, we want to be concerned about a possible sell signal. .
• That is certainly not the case for Cenovus on Thursday morning. .
• There's a new high for Pembina. .
• Unfortunately, Baytex rolled over a couple of weeks ago, and it's coming back. .
• It traded up to the upper channel line .
• yesterday, so we're looking for a close on Thursday above $4. .
• 41. .
• Then looking at Athabasca, we made a new high a few days ago. .
• Potential for a sell signal on Thursday with a close below $4. .
• 98. .
• A similar situation for Whitecap, we're looking for a close on Thursday below $9. .
• 46. Then looking at Embridge, new high for .
• this move, and it It looks like we had a bearish reversal day yesterday. .
• We made a new high and rolled over, closed slightly lower on the day, did not close .
• below the previous day's low, so I wouldn't be overly concerned just yet. .
• Then looking at Tamarack, we traded in the channel for a couple of days. .
• Closed below 341 on Thursday would give us a new sell signal for Tamarack. .
• And last up this morning, MEG Energy making a new closing high for this move. .
• Now, if you haven't heard the lecture .
• before, You want to make sure you've been taking money off the table. .
• If you haven't already done so, then .
• Thursday would probably be a good day to do so. .
• I would never completely liquidate a .
• winning position, but stocks fall faster than they rise. .
• A lot of times when we get up to these .
• levels where we've seen previous selling, you want to make sure that you've tucked .
• some money back in your own pocket before the market takes it away from you. .
• Again, we have no sell signals coming into .
• Thursday's trading action, so there's absolutely no reason to completely .
• liquidate a position in the energy sector on Thursday morning. .
• Okay, folks, that is all for this morning's presentation. .
• Hey, I've got a favor to ask. .
• I've been sick for the last month and .
• unable to donate blood, and if you wouldn't mind stepping up for me and .
• filling in and donating blood this week, I would really appreciate it. .
• And I certainly know that those people .
• that are expecting or unexpected expecting to have surgery this week would also .
• appreciate any blood donation you can make. .
• That's all for today's presentation, folks. .
• Have a great day. Next time you'll hear my voice is on .
• Friday morning, and at that time, we'll take a look at the North American markets. .