RoBTV: Jeff Parent, Technical Analysis (II)TECHNICAL ANALYSIS
Jeff Parent, associate portfolio manager, Research Capital
MANULIFE (NYSE:MFC TSE:MFC): I do like this stock a lot..it is something that probably has another $5-10 upside..this is very large diversified company, becoming more like a bank..of all the stocks in financials, this one has one of the nicest charts..banks did well because of weighting..ROYAL BANK (NYSE:RY TSE:RY), MANULIFE are in the top categories here..MANULIFE has some catching up to do..relative underperformance..bottoms all higher, steady top, nice breakout on one day on news, good volume, started new uptrend..stock that typical Canadian should invest in..high price, large cap, pays dividend..forming triangle, breakout..
ESO URANIUM (CVE:ESO) without looking at fundamentals, I really like these stocks..another one that I like with similar chart pattern SANTOY RESOURCES (CVE:SAN)..big bowl, nice rally..maybe people were thinking about what to invest in over the holidays..several series of good news..stock has gone to low of 40 cents..pause and rally, looks like a $1.40 easily..this is speculative stock..lot of liquidity..lots of dollars going into this, easy to trade..I personally own STRATECO RESOURCES (CVE:RSC)
OPEN TEXT (TSE:OTC): easy stock loss is $22..this also is point where a lot of volume is traded..on upside, gap August 2004, stock looks like there is momentum..$29 upside..
WESTAIM (TSE:WED): I do have positions in this stock and for quite a long time..stock has lot of promise..has been big disappointment..down, down, down then sideways..there is a lot of possibility of stock not being able to raise money..$4 is critical level for stock before people start getting excited about this again..$4 to $1.65, lot of people giving up on this stock..would not be buying, would not be selling either, you want to wait for confirmation..
MAPLE LEAF FOODS (TSE:MFI): this chart does not look like MLF doing too much..looks like lots of consolidation, you see lower highs, lower lows..on a downtrend..this stock losing lot of interest, thin stock..likely to see on this $11.15, which on percentage drop fairly big..on upside, maybe $13.00, not exactly huge..would not short, volume very low, difficult to take position or trade
MCDONALDS (NYSE:MCD): this is great looking start..this stock has gone through a lot..bouncing up and down, made low 2003, trading at around $12 at one time..one of icons of , since then, higher highs, higher lows..this long steady rise followed by pause very healthy..looks like we are on another upward trend..trading sideways mid-October to mid-November, risen $2-3 level from then, $50 in one year, low-risk..
SHORT: FREDDIE MAC (NYSE:FRE): I think on upside pretty tight, probably around $69.50 level..I think this is good for drop down to $63 and then probably if continues to drop, $59-60..
TOP PICK: ADMINISTAFF INC. (NYSE:ASF): target of $53, would be big gain..this is another one where it has not done very well in light of where market has been..relative underperformance..if you look at 1 year chart..big drop bad news, news digested, some hope, dashed, sideways, turnaround..$60 lost half value to $30..spent last two months solidifying around $40..I see news around October-November impetus for moving up
TOP PICK: ROCK INDUSTRIES (NYSE:FRK): a lot of stocks related to homebuilding and construction have taken a building..high of $66 back in May 2006..$30 drop, very significant..consolidation, now starting to see bit of upturn..I am looking for $55..bold prediction, longer than 2 months, maybe 6 months..
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