The Canadian Technician

Canadian Grocers Continue To Supply Portfolio Food

Greg Schnell | 

The Canadian Grocers have some of the strongest SCTR rankings in Canada right now. A quick run through the charts show us some pretty interesting stuff.

Here is George Weston (WN.TO). The SCTR is soaring and the two-year consolidation appears to be well behind it.


Here is Metro. (MRU.TO). Metro had a stunningly good chart in place until July 2016. After a 9-month correction, Metro looks to be on the move again. 

Loblaws (L.TO) continues to work. This breakout from a 2-year consolidation is great!

Empire EMP/A.TO. Canadian brands include Sobeys and Safeway. After the Safeway purchase, the stock had been in a downtrending move which cut the stock price in half. With a new CEO, the stock has been rebounding.

Here is North West Co. Ltd. (NWC.TO). They have brands like Giant Tiger, Northern, North Mart.

I particularly like when a whole industry segment is moving. All of these companies (5 of 5 in the industry group) have SCTR rankings above 75. These charts look good. I do own a company in the list above just for full disclosure.

Good trading,
Greg Schnell, CMT, MFTA.

 
Greg Schnell
About the author: , CMT, is a Senior Technical Analyst at StockCharts.com specializing in intermarket and commodities analysis. Based in Calgary, he is a board member of the Canadian Society of Technical Analysts (CSTA) and the chairman of the CSTA Calgary chapter. He is also the author of Stock Charts for Dummies (Wiley, 2018).
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