Hello fellow StockCharts users. For the first time in a few weeks, my Canadian Long Scan started yielding results. This morning (Monday April 6, 2020), the Canadian Food Store stocks all appeared on the scan. These consumer staples stocks have held up well in this market turmoil, with relative performance at multi-year highs relative to the major indices. Today we will take a look at Metro Inc (MRU.TO), Loblaw Companies Ltd. (L.TO) and Goodfood Market Corp. (FOOD.TO).
Metro, Inc. retails and distributes food and pharmacy products, operating a network of supermarkets, discount stores and drugstores. The company was founded on December 22, 1947 and is headquartered in Montréal, Canada (StockCharts Symbol Summary). Metro has been in a tight range since June, going from $50-$58. Today, Metro broke out above $58, making a new high as well. We have maintained a SCTR above 90. We can also see that the relative performance of Metro (compared to the S&P & TSX) is making all-time highs as well.
Loblaw Cos. Ltd. is a food retailer, engaging in the provision of drugstore, general merchandise, and financial products and services. It operates through the Retail and Financial Services business segments. The Retail segment consists of retail food and associate-owned drug stores, which include in-store pharmacies and other health and beauty products, gas bars, apparel and other general merchandise. The Financial Services segment offers credit card services, loyalty programs, insurance brokerage services, personal banking services provided by a major Canadian chartered bank, deposit-taking services and telecommunication services (Stockcharts Symbol Summary). The company was founded in 1919 and is headquartered in Brampton, Canada. Loblaw has also been in a tight range since the summer, holding from $64 to $72. Today, we gapped up and broke out above $72, which is interesting as we tend to not see many gap ups in this stock. We do have some resistance at $75.62, but the price action is interesting. We also have a SCTR above 90 and relative performance to the S&P & TSX at multi-year highs.
Goodfood Market Corp. engages in the provision of dinner subscription services. The firm delivers fresh ingredients to its subscribers. It offers classic baskets, vegetarian baskets and family baskets. The company was founded by Jonathan Ferrari, Neil Cuggy and Raffi Krikorian in 2014 and is headquartered in Saint-Laurent, Canada. (StockCharts Symbol Summary) Goodfood is a much more volatile stock, but it seems to be finally breaking out above that key $4 resistance. We have a SCTR above 90 and, in addition, the stock is breaking out to new multi-year relative highs relative to the S&P & TSX.
If you have any thoughts on today's article, feel free to email me at bozicmarketreport@gmail.com to discuss!
A breakout is the most powerful tool in Technical Analysis
- Aleksandar Bozic
Aleksandar Bozic can be contacted at bozicmarketreport@gmail.com. He may hold positions in the securities mentioned. The information provided is general in nature and does not represent investment advice. It is subject to change without notice and is based on the perspectives and opinions of the writer only. It may also contain projections or other "forward-looking statements." There is significant risk that forward-looking statements will not prove to be accurate and actual results, performance or achievements could differ materially from any future results, performance or achievements that may be expressed or implied by such forward-looking statements and you will not unduly rely on such forward-looking statements. Every effort has been made to compile this material from reliable sources; however, no warranty can be made as to its accuracy or completeness. Before acting on any of the above, please consult an appropriate professional regarding your particular circumstances.
