Canadian Stock Picks – Feb 22

Here are some stocks with nice charts. None of these had all three perfect daily, weekly, and monthly charts, but they all had the kind of increasing volume that I always look for. Often in strong market environments, many stocks won’t have perfect setups, but they’ll do well.

Having said “strong market,” I’d like to point out, though, that the Canadian and U.S. markets have gone straight up since last fall. They’re due for a correction, which I’d like to see happen on the monthly charts, before resuming an upward trend. There have been short-lived corrections on the daily and weekly charts (I’m looking at the XIC for Canada and the SPY for the U.S.).

Stocks with nice daily charts
  • F.V – This trades on the TSX Venture Exchange.
  • IIP.UN.TO – This is a REIT.
  • BBD.B – This has gone straight up for five months on the monthly. I love the daily chart on this, but I’d like to see it trade sideways and consolidate for another couple of weeks. I already own shares of this stock.
  • LFE – This high volume consolidation is hard to ignore! The weekly and monthly charts are okay. I bought shares of this today.
  • MFC – I want this to shape up better on all time frames. However, the consolidation on the daily chart + high volume makes this very attractive.
  • MGW – This also trades on the Venture. Beautiful consolidation on the daily and weekly charts. I bought some shares today because the building volume is attractive.

Stocks with nice weekly and/or monthly charts

  • DMM
  • INV – This one’s daily is nice too, but I’d prefer it if it consolidated longer on that time frame.
  • PXX
  • RNW – The daily is shaping up nicely, I’m love the weekly, but I’m not crazy about the monthly.
  • LGO – The consolidation on the monthly chart is very nice.
  • ESN – This actually has nice charts on all time frames. My only hesitation is the volume activity on the daily. There is still a lot of selling, but if this stock holds its price around the 0.75 area for a bit longer and the volume indicates more buying, then I think we’re in business.

Remember, just because I said I bought something doesn’t mean for you to buy it. I have a higher risk tolerance than most investors. Please do your research and consider the industry, the sector, the company, dividends (or lack thereof), so that you can feel confident in your investment. Invest well, invest wisely!

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