Canadian Energy Stocks 03142024

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Good morning, everyone, and welcome to Thursday morning.

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It's Stephen Whiteside here from TheUpTrend.

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com In the pre-market this morning, things are fairly quiet.

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They're quiet ahead of a large number of

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economic numbers that are going to come out at 8:30 this morning,

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and those could certainly change the direction of the market, but so far, it

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looks like investors want to do a little buying on Thursday morning.

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Starting off, looking at the TSX Energy Index.

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This index has been on a run for the last month, and we are still projecting higher

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prices here, but we are coming up to resistance.

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You can see where we peaked back a few months ago, just above where we are now.

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That could certainly be a target and an area where the market starts to pull back.

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Now, when we're looking at individual

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stocks, they should look pretty similar to this.

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They should have caught a bid as the index started to move up, and they should have

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been making new highs over the past couple of days.

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So we'll have to see if that's the case.

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We'll take a look at some individual stocks later in the presentation.

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Looking at price targets, you can see we are coming up to our next price target,

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and that's where we peaked out back in November.

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Of course, we are projecting higher prices

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here, so we could break through that level and head up.

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You can see on the weekly chart that 281.

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25 would be our next weekly target.

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We did struggle to get up to that level

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back in the fall of last year, and at the fall of 2022, we started to fade.

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We were able to trade above that level back in the summer of 2022, but it's been

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a while since we've been back up at these levels.

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Now, one of the most actively traded ETFs in Canada is the iShares XEG.

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It's one of the most popular ways to play

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the energy sector if you don't want to be a stock picker.

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And as you can see, it's looking pretty

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similar to the index, making a new closing high for this move.

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We are coming up to the 17. 58 level.

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That's where we peaked out back in early November.

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The top of our projected trading range on this chart is 17.

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97, and so that is certainly a legitimate target.

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If we can take that out, then a possible run up to 18.

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75 could happen, and we peaked out there back in the summer of 2022.

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Now, the iShares ETF is an unleveraged

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ETF, so it's going to trade pretty similar to the index It was up 1.

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81% yesterday.

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The way I prefer to trade this sector is

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to use the 2X Horizons BetaPro XEU ETF, and it was up 3.

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52%, as you would expect yesterday.

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It's looking pretty similar to the index itself.

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Our next price target is 29.

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69, and that's where we peaked out back in early November.

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Now, of course, when we get a sell signal in the Bull ETF, the 2X Bull ETF, we can

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always roll over and look at the possibility of buying the 2X Bear ETF,

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which could certainly come into play at some time in the not-so-distant future.

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Now, looking at individual stocks, again,

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they should look pretty similar to the index.

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They should have caught a bid when the index caught a bid, and they

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should be making new highs for this move as TC Energy is doing.

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But we're going to look to see how similar they to the index themselves.

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There's Suncor making a new high for this move, a new high for Canadian Natural

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Resources, a new high for Crescent Point yesterday.

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There's a new high for Synovus.

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And anything that's trading in the channel

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or dipping into the channel, we want to be concerned about a possible sell signal.

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That is certainly not the case for Cenovus on Thursday morning.

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There's a new high for Pembina.

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Unfortunately, Baytex rolled over a couple of weeks ago, and it's coming back.

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It traded up to the upper channel line

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yesterday, so we're looking for a close on Thursday above $4.

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41.

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Then looking at Athabasca, we made a new high a few days ago.

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Potential for a sell signal on Thursday with a close below $4.

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98.

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A similar situation for Whitecap, we're looking for a close on Thursday below $9.

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46. Then looking at Embridge, new high for

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this move, and it It looks like we had a bearish reversal day yesterday.

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We made a new high and rolled over, closed slightly lower on the day, did not close

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below the previous day's low, so I wouldn't be overly concerned just yet.

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Then looking at Tamarack, we traded in the channel for a couple of days.

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Closed below 341 on Thursday would give us a new sell signal for Tamarack.

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And last up this morning, MEG Energy making a new closing high for this move.

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Now, if you haven't heard the lecture

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before, You want to make sure you've been taking money off the table.

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If you haven't already done so, then

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Thursday would probably be a good day to do so.

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I would never completely liquidate a

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winning position, but stocks fall faster than they rise.

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A lot of times when we get up to these

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levels where we've seen previous selling, you want to make sure that you've tucked

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some money back in your own pocket before the market takes it away from you.

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Again, we have no sell signals coming into

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Thursday's trading action, so there's absolutely no reason to completely

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liquidate a position in the energy sector on Thursday morning.

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Okay, folks, that is all for this morning's presentation.

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Hey, I've got a favor to ask.

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I've been sick for the last month and

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unable to donate blood, and if you wouldn't mind stepping up for me and

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filling in and donating blood this week, I would really appreciate it.

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And I certainly know that those people

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that are expecting or unexpected expecting to have surgery this week would also

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appreciate any blood donation you can make.

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That's all for today's presentation, folks.

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Have a great day. Next time you'll hear my voice is on

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Friday morning, and at that time, we'll take a look at the North American markets.

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