Glancing through the TSX big mover up on the homepage today and noticed this strange coincidence.
Calfrac (CFW.TO) is breaking through 3 month resistance on a huge down day in the market.
AirBoss (BOS.TO) is breaking through 5 month resistance. Their website suggests the margins in their products for the Oil and Gas sector are double their base business margins.
Pason (PSI.TO) is breaking through 6 month resistance.
All three of these made big gains on a major down day in the markets. What's up? Well, next week the Oil and Gas Show is in Calgary which is a huge show that attracts international players in the Oil and Gas business. COuld it be that these three companies have some new products about to be launched? I don't know as I am not a fundamental analyst. But I do know that breaking above some long resistance levels on a huge down day in the market is pretty telling that something is going on. When 3 of the biggest movers are suppliers to the Oil and Gas industry, it would seem somebody expects the show to go well enough to buck the trend.
Good Trading,
Greg Schnell, CMT
