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U.S. Dollar: Has the Mainstream Been Way Too Confident?

Meanwhile, greenback’s Elliott waves are showing the way

By Elliott Wave International

Investors who use Elliott wave analysis know that the main price trend of a financial market subdivides into five waves.

Also know that wave 1 and wave 5 are often approximately equal in length.

That knowledge helped the Global Market Perspective, a monthly Elliott Wave International publication which covers 50-plus financial markets, make a successful call on the U.S. Dollar index.

The November issue showed a monthly chart which dates back more than 14 years and said:

The U.S. Dollar Index continues to look like it’s topping. The index is testing the level where wave (5) would equal wave (1), a common relationship.

Keep in mind that Global Market Perspective subscribers get to see all the wave labeling.

With the benefit of hindsight, we now know that the top registered on Sept. 28 — still, that doesn’t discount the fact that the topping process was recognized by using Elliott wave analysis.

Since that analysis on Nov. 4, the U.S. Dollar Index has declined in price.

Another giveaway that the greenback was headed for a tumble is that the mainstream seemed to be growing a bit too confident about the prospect for a further rise in the index. These two magazine covers provide examples of that:

The late analyst Paul Macrae Montgomery showed over the years that specialist industry magazines sometimes highlight financial trends on their covers just as those trends are ending.

Of course, Elliott wave analysis nor any indicator — such as the magazine cover indicator — can offer a guarantee about future market action, but the Elliott wave model and many time-tested indicators have proven to be quite useful throughout different market cycles.

If you’d like to learn about the Elliott wave model, know that the definitive text on the subject is Frost & Prechter’s Wall Street classic, Elliott Wave Principle: Key to Market Behavior. Here’s a quote from the book which should be in every serious investor’s library:

[R.N.] Elliott himself never speculated on why the market’s essential form is five waves to progress and three waves to regress. He simply noted that that was what was happening. Does the essential form have to be five waves and three waves? Think about it and you will realize that this is the minimum requirement for, and therefore the most efficient method of, achieving both fluctuation and progress in linear movement. One wave does not allow fluctuation. The fewest subdivisions to create fluctuation is three waves. Three waves (of unqualified size) in both directions would not allow progress. To progress in one direction despite periods of regress, movements in that direction must be at least five waves, simply to cover more ground than the intervening three waves. While there could be more waves than that, the most efficient form of punctuated progress is 5-3, and nature typically follows the most efficient path.

Good news: You can read the entire online version of the book for free once you become a member of Club EWI, the world’s largest Elliott wave educational community.

A Club EWI membership is also free and allows you complimentary access to a treasure trove of Elliott wave resources on financial markets, investing and trading. These resources include videos and articles from Elliott Wave International’s analysts.

Hop on the Club EWI bandwagon now by following this link: Elliott Wave Principle: Key to Market Behavior — get free and instant access.

This article was syndicated by Elliott Wave International and was originally published under the headline U.S. Dollar: Has the Mainstream Been Way Too Confident?. EWI is the world’s largest market forecasting firm. Its staff of full-time analysts led by Chartered Market Technician Robert Prechter provides 24-hour-a-day market analysis to institutional and private investors around the world.

Financial News Forex and Currency News

02 Dec

REIT Aims To Improve Value for Unitholders

Source: David Chrystal (12/1/22)

To achieve this end, the board of trustees is currently weighing various options, noted an Echelon Capital Markets report.

The Firm Capital Apartment REIT (FCA.U:TSX.V) posted a year-over-year AFFO/unit, or adjusted funds from operation per unit, gain in Q3/22 and during the quarter, commenced a strategic review, reported Echelon Capital Markets analyst David Chrystal in a Nov. 15 research note. Firm Capital invests in U.S. multifamily properties, owns assets and interests in joint venture investments, and provides debt financing.

The Canada-based real estate investment trust’s Q3/22 AFFO/unit was US$0.09, a 7% increase over Q3/21, Chrystal relayed. The figure beat Echelon’s estimate of US$0.06 due to a foreign exchange gain.

Target Price Decreased

However, Echelon reduced its target price on the REIT to US$7 per share from US$7.50, following the release of its Q3/22 results, to reflect writedowns carried out during the quarter on certain investments. The trust’s current share price is about US$4.67.

“Given the current capital market environment, a significant NAV discount is likely to persist under the trust’s current structure,” wrote Chrystal.

The target price could be raised in the future, Chrystal noted, if First Capital were to divest certain assets at an international financial reporting standards net asset value (NAV) of US$8.44 per unit.

This is because Echelon predicts near-term “incremental impairment of certain assets in the trust’s Northeast markets, where operations remain challenged due to regulatory issues delaying evictions and collections.”

Strategic Review Underway

The REIT’s board of trustees, in fact, may decide, during its strategic review, to dispose of some assets. The objective of the review is to “identify, evaluate and pursue potential strategic alternatives aimed at maximizing unitholder value,” Chrystal relayed.

Other options under consideration include effecting some type of merger or acquisition, privatizing, and changing the business to a real estate merchant bank or value-add model.

“Given the current capital market environment, a significant NAV discount is likely to persist under the trust’s current structure,” wrote Chrystal.

Distributions Paused

The analyst pointed out that while the review, in progress, is taking place, distributions by the REIT are and will remain on hold.

“A quarterly review will determine if the trust will allocate capital to unitholder distributions, unit repurchases, or reinvestment,” Chrystal added.

Echelon maintained its Buy rating on the First Capital Apartment REIT.

Disclosures:
1) Doresa Banning wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.

2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.

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4) This article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.

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Disclosures For Echelon Wealth Partners Inc., Firm Capital Apartment REIT, November 15, 2022

Echelon Wealth Partners Inc. is a member of IIROC and CIPF. The documents on this website have been prepared for the viewer only as an example of strategy consistent with our recommendations; it is not an offer to buy or sell or a solicitation of an offer to buy or sell any security or instrument or to participate in any particular investing strategy. Any opinions or recommendations expressed herein do not necessarily reflect those of Echelon Wealth Partners Inc. Echelon Wealth Partners Inc. cannot accept any trading instructions via e-mail as the timely receipt of e-mail messages, or their integrity over the Internet, cannot be guaranteed. Dividend yields change as stock prices change, and companies may change or cancel dividend payments in the future. All securities involve varying amounts of risk, and their values will fluctuate, and the fluctuation of foreign currency exchange rates will also impact your investment returns if measured in Canadian Dollars. Past performance does not guarantee future returns, investments may increase or decrease in value and you may lose money. Data from various sources were used in the preparation of these documents; the information is believed but in no way warranted to be reliable, accurate and appropriate. Echelon Wealth Partners Inc. employees may buy and sell shares of the companies that are recommended for their own accounts and for the accounts of other clients.

Echelon Wealth Partners compensates its Research Analysts from a variety of sources. The Research Department is a cost centre and is funded by the business activities of Echelon Wealth Partners including, Institutional Equity Sales and Trading, Retail Sales and Corporate and Investment Banking.

U.S. Disclosures: This research report was prepared by Echelon Wealth Partners Inc., a member of the Investment Industry Regulatory Organization of Canada and the Canadian Investor Protection Fund. This report does not constitute an offer to sell or the solicitation of an offer to buy any of the securities discussed herein. Echelon Wealth Partners Inc. is not registered as a broker-dealer in the United States and is not be subject to U.S. rules regarding the preparation of research reports and the independence of research analysts. Any resulting transactions should be effected through a U.S. broker-dealer.

ANALYST CERTIFICATION

Company: Firm Capital Apartment REIT | FCA.U-TSXV

I, David Chrystal, hereby certify that the views expressed in this report accurately reflect my personal views about the subject securities or issuers. I also certify that I have not, am not, and will not receive, directly or indirectly, compensation in exchange for expressing the specific recommendations or views in this report.

02 Dec

Murrey Math Lines 02.12.2022 (Brent, S&P 500)

By RoboForex.com

BRENT

On H4, the quotes are under the 200-day Moving Average, which indicates the prevalence of a downtrend. The RSI has broken through the ascending trendline downwards. Hence, we should expect a test of 3/8 (84.38), a breakaway of it, and falling to the support level of 2/8 (81.25). The scenario can be cancelled by rising over the resistance level of 4/8 (87.50). In this case, the quotes may rise to 5/8 (90.62).

On M15, further decline of the price can be signaled by a breakaway of the lower line of VoltyChannel.

S&P 500

On H4, the quotes have broken through the 200-day Moving Average and rest above it, which indicates possible development of an uptrend. The RSI has bounced off the ascending trendline and continues going upwards. Hence, we should expect further growth of the quotes to the nearest resistance level of 3/8 (4218.8). The scenario can be cancelled by a downwards breakaway of the support level of 2/8 (4062.5). This might entail further falling of the quotes to 1/8 (3906.2).

On M15, the upper line of VoltyChannel is broken away, which increases the probability of price growth to 3/8 (4218.8) on H4.

Article By RoboForex.com

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

Energy Financial News

02 Dec

Japanese Candlesticks Analysis 02.12.2022 (EURUSD, USDJPY, EURGBP)

By RoboForex.com

EURUSD, “Euro vs US Dollar”

On H4, at the resistance level, the pair has formed a Shooting Star reversal pattern. Currently, the pair may go by the signal in a correctional wave. The goal of the pullback will be 1.0435. However, the pair might grow to 1.0650, break through the level, and continue the uptrend without any correction to the support level.

USDJPY, “US Dollar vs Japanese Yen”

On H4, at the support level, the pair has formed an Inverted Hammer reversal pattern. Currently, the pair may go by the signal in the form of an ascending wave. The goal of the correction will be 136.65. However, the price might fall to 134.00 and continue the downtrend without any correction to the resistance level.

EURGBP, “Euro vs Great Britain Pound”

On H4, the pair has formed a Hammer reversal pattern. Currently, the pair may go by the signal in yet another ascending wave. The goal of the growth can be the resistance level of 0.8655. Upon testing it and bouncing off it, the price will get a chance for continuing the downtrend. However, the quotes may drop to 0.8570 without pulling back to the resistance level.

Article By RoboForex.com

Financial News Forex and Currency News

02 Dec

The Analytical Overview of the Main Currency Pairs on 2022.12.02

By JustMarkets

The EUR/USD currency pair

Technical indicators of the currency pair:

Prev Open: 1.0405
Prev Close: 1.0525
% chg. over the last day: +1.15 %

Eurozone manufacturing PMI showed a decline from 47.3 to 47.1. Data for European countries were mixed. Germany posted a decline from 46.7 to 46.2, France showed a decline from 49.1 to 48.3, but Spain’s PMI rose from 44.7 to 45.7, and Italy also saw an increase from 46.5 to 48.4. The unemployment rate in Europe declined from 6.6% to 6.5%. A strong labor market is room for the ECB to act more aggressively, but a drop in overall business activity is a sign of rate pressure on the economy. Therefore, the ECB is likely to choose a less aggressive path, especially given the fact that there are signs of slowing inflation.

Trading recommendations

Support levels: 1.04554, 1.0361, 1.0332, 1.0284, 1.0193, 1.0092, 1.0043, 0.9968
Resistance levels: 1.0504, 1.0562

The trend on the EUR/USD currency pair on the hourly time frame is bullish. The price is trading above the moving averages, and the MACD indicator is in the positive zone, without any signs of reversal but with signs of overbuying. Buy trades are best considered from the support level of 1.0455, but with additional confirmation. Sell deals can be considered from the resistance level of 1.0504 or 1.0562, but it is better with confirmation in the form of reverse initiative.

Alternative scenario: if the price breaks down through the support level of 1.0284 and fixes below it, the downtrend will likely resume.

News feed for 2022.12.02:

– Eurozone ECB President Lagarde Speaks at 04:40 (GMT+3);
– Eurozone Producer Price Index (m/m) at 12:00 (GMT+3);
– US Nonfarm Payrolls (m/m) at 15:30 (GMT+3);
– US Unemployment Rate (m/m) at 15:30 (GMT+3).

The GBP/USD currency pair

Technical indicators of the currency pair:

Prev Open: 1.2055
Prev Close: 1.2255
% chg. over the last day: +1.65 %

The UK Manufacturing Business Activity Index is starting to show small signs of recovery. Whether this is a temporary spike in activity in the run-up to the holidays or whether it is consistent growth, data will show next month. For now, the British pound is rising on the back of a declining dollar index. Data from retail traders show that about 35% have a net long position, and the ratio of short to long traders is 1.87:1. Usually, analysts take the opposite view of the “crowd” sentiment. The fact that traders are closing short positions suggests that GBP/USD prices may continue to rise.

Trading recommendations

Support levels: 1.2154, 1.2016, 1.1964, 1.1684, 1.1476, 1.1418
Resistance levels: 1.2254, 1.2381, 1.2431

From the technical point of view, the trend on the GBP/USD currency pair on the hourly time frame is bullish. The price is trading above the moving levels MACD indicator is in the positive zone, and there are signs of overbuying. Under such market conditions, it is better to look for buy deals from the support level of 1.2154, but with confirmation. It is better to look for sell deals on intraday time frames from the resistance level of 1.2254, but it is also better with confirmation because the level has already been tested.

Alternative scenario: if the price breaks down of the 1.1900 support level and fixes below it, the downtrend will likely resume.

There is no news feed for today:

The USD/JPY currency pair

Technical indicators of the currency pair:

Prev Open: 138.02
Prev Close: 135.33
% chg. over the last day: -1.98 %

Bank of Japan Governor Kuroda said Friday that the bank expects inflation in Japan to start slowing in 2023. That suggests the Bank of Japan won’t change its soft monetary policy until at least the spring of 2023, when Mr. Kuroda’s term ends. The Japanese yen is now strengthening only at the expense of the dollar index on the back of the fact that the Fed will slow the pace of interest rate hikes.

Trading recommendations

Support levels: 135.20, 133.53
Resistance levels: 137.65, 139.09, 140.75, 143.17, 145.16

From the technical point of view, the medium-term trend on the currency pair USD/JPY is bearish. The MACD indicator is in the negative zone, but on the higher time frames, a divergence is formed, which indicates a certain weakness of the sellers. Under such market conditions, buy trades can be sought on the intraday time frames from the support level of 135.20, but only with confirmation. There is none at the moment. Sell deals can be sought from the resistance level of 136.65 or 139.09, provided there is a reverse reaction.

Alternative scenario: If the price fixes above 140.75, the uptrend will likely resume.

News feed for 2022.12.02:

– Japan BoJ Kuroda Speaks at 03:30 (GMT+3).

The USD/CAD currency pair

Technical indicators of the currency pair:

Prev Open: 1.3424
Prev Close: 1.3431
% chg. over the last day: +0.05 %

Canada’s manufacturing economy remained in contractionary territory in November, but only because the rate of decline in output and new orders slowed compared to October. But overall, there are signs of an improving business climate. The Industrial PMI rose from 48.8 to 49.6 and is as close to 50 as possible. Values above 50 mean that the economy is recovering.

Trading recommendations

Support levels: 1.3386, 1.3360, 1.3281, 1.3212
Resistance levels: 1.3479, 1.3522, 1.3658, 1.3682, 1.3776, 1.3855

From the point of view of technical analysis, the trend on the USD/CAD currency pair has changed to bullish. But the price is close to changing the priority. The MACD indicator is in the negative zone, but sellers’ pressure is weak. The deals to buy should be considered on the lower time frames from the support level of 1.3386 or 1.3360, but with additional confirmation. For sell deals, it is better to consider the resistance level of 1.3479 but with confirmation in the form of reverse initiative.

Alternative scenario: if the price breaks down and consolidates below the support level of 1.3386, the downtrend will likely resume.

News feed for 2022.12.02:

– Canada Unemployment Rate (m/m) at 15:30 (GMT+3).

By JustMarkets

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

Financial News Forex and Currency News

02 Dec

EU governments have set a price ceiling for Russian oil. NFP report in the spotlight today

By JustMarkets

The US stock market traded mixed yesterday ahead of the monthly jobs report due today. The Dow Jones Index (US30) decreased by 0.08% at the stock market’s close yesterday, while the S&P 500 Index (US500) lost 0.08%. The NASDAQ Technology Index (US100) gained 0.13% on Thursday.

Investors are cautiously awaiting the release of key monthly US employment data, which could affect the Federal Reserve’s monetary policy. The monthly employment data is expected to show that the economy created fewer jobs in November than in the previous month. Treasury yields fell sharply yesterday on concerns that the economy could face a deeper recession next year, despite early signs of declining consumer inflation. Although data on Thursday showed that the PCE index, the Federal Reserve’s preferred measure of inflation, remains well above (6%) the Central Bank’s target range (2%).

Equity markets in Europe were mostly up yesterday. German DAX (DE30) gained 0.65%, French CAC 40 (FR40) added 0.23%, Spanish IBEX 35 (ES35) increased by 0.53%, and British FTSE 100 (UK100) closed on Thursday down by 0.19%.

In a speech in Thailand, European Central Bank President Lagarde said that central banks should work to get the Consumer Price Index back to target levels. But monetary policy is complicated by the uncertainty resulting from Russia’s invasion of Ukraine. Ms. Lagarde also added that the fiscal policies of some European governments may lead to excess demand and that fiscal and monetary policies must work in sync to ensure sustainable and balanced economic growth.

Oil prices traded mixed Thursday as worrisome US production data and uncertainty over the course of OPEC+ actions restrained the market. European Union governments have tentatively agreed to set a ceiling on Russian oil at $60 a barrel, which is also restraining oil bulls.

Gold hit a 5-month high on rising hopes of a slowdown in the pace of Fed rate hikes. Gold futures yesterday at $1,815.20 an ounce. Silver, which often follows gold, also rose sharply. The December through February period is a seasonally stronger time for precious metals, so there are many positives here.

Asian markets were mostly up yesterday. Japan’s Nikkei 225 (JP225) gained 0.92% on the day, Hong Kong’s Hang Seng (HK50) added 0.75%, and Australia’s S&P/ASX 200 (AU200) closed up 0.96%.

Bank of Japan Governor Kuroda indicated that a gradual slowdown in global rate increases and gradual growth of the global economy is expected. Global inflation is also expected to exceed the 2021 level in 2022 and then decline in 2023, a forecast that applies to Japan as well.

Reserve Bank of Australia Governor Lowe, speaking at an event in Thailand, pointed out that inflation expectations remain firmly entrenched. However, household spending in Australia is still resilient to higher interest rates. Lowe added that the Reserve Bank of Australia is trying to slow inflation without much negative impact on the economy. Still, this cycle of high rates will be longer than previous ones.

S&P 500 (F) (US500) 4,076.57 −3.54 (−0.087%)

Dow Jones (US30) 34,395.01 −194.76 (−0.56%)

DAX (DE40) 14,490.30 +93.26 (+0.65%)

FTSE 100 (UK100) 7,558.49 −14.56 (−0.19%)

USD Index 104.71 −1.24 (−1.17%)

Important events for today:

– Japan BoJ Kuroda Speaks at 03:30 (GMT+3);
– Australia RBA Gov Lowe Speaks at 04:40 (GMT+3);
– Eurozone ECB President Lagarde Speaks at 04:40 (GMT+3);
– New Zealand RBNZ Gov Orr Speaks at 06:30 (GMT+3);
– Switzerland Unemployment Rate (m/m) at 09:30 (GMT+3);
– Eurozone Producer Price Index (m/m) at 12:00 (GMT+3);
– US Nonfarm Payrolls (m/m) at 15:30 (GMT+3);
– US Unemployment Rate (m/m) at 15:30 (GMT+3);
– Canada Unemployment Rate (m/m) at 15:30 (GMT+3).

By JustMarkets

Economics & Fundamentals Financial News

02 Dec

Week Ahead: Big Week For Oil Markets…

By ForexTime

Fasten your seatbelts because the next few days could be wild for oil markets.

The global commodity may be injected with fresh volatility due to not only the OPEC+ meeting but developments revolving around European Union sanctions on Russian oil. Other factors like geopolitical risks, economic data and overall sentiment may play an important role in shaping the global commodities outlook for the rest of 2022.

Before we tackle what to expect from oil as December gets in full swing, here are the scheduled economic data releases/events in the coming week:

Sunday, 4 December

OIL: OPEC+ virtual meeting

Monday, 5 December

CNH: China Caixin services PMI
OIL: EU ban on Russian crude
EUR: S&P Global PMI, Eurozone retail sales, ECB President Christine Lagarde speech
USD: US factory orders, durable goods, ISM services index

Tuesday, 6 December

AUD: Reserve Bank of Australia rate decision
EUR: Germany factory orders, S&P Global PMI
USD: US trade data

Wednesday, 7 December

EUR: Eurozone GDP, Germany industrial production
CAD: Bank of Canada rate decision
OIL: EIA crude oil inventory report
USD: MBA mortgage applications

Thursday, 8 December

JPY: Japan GDP
EUR: ECB President Christine Lagarde speech
USD: US initial jobless claims

Friday, 9 December

CNH: China Inflation, PPI, money supply
USD: US PPI, University of Michigan consumer sentiment
FIFA World Cup quarterfinal matches

Oil prices nosedived in November as concerns that a rebound in Covid-19 cases in China would hit demand. Rising US stock pilled rubbed salt into the wound with Brent shedding almost 10% last month. Nevertheless, both Crude and Brent are still up roughly 10% year-to-date and could be supported by the key risk events and data releases over the next few days.

Over the weekend, the Organisation of Petroleum Exporting Countries and Co. including Russia are expected to leave production unchanged after the group changed its meeting to an online format. This move comes after the cartel agreed in early October to reduce production by 2 million barrels per day from November despite calls from the United States to pump more oil. The decision to leave production unchanged is based on the growing uncertainty over China’s demand outlook and the looming price cap on Russian crude exports. However, any unexpected decisions could result in explosive volatility in oil markets.

It’s all about the upcoming sanctions on Russian oil which are expected to start on Monday 5th December. Back in June, the EU agreed to ban the purchase of Russian crude in an attempt to limit its earnings – ultimately impacting Moscow’s budget. According to Bloomberg, the EU is closing in a deal to cap Russian crude oil at $60 a barrel before the Monday deadline. Should this deal go through, it could have uncertain effects on the price of oil as concerns over lost supply through the price cap clash with fears over a gloomy demand outlook. Whatever the outcome on Sunday and Monday, it will most likely set the tone for oil as 2022 slowly comes to an end.

Looking at the technical picture, Brent remains under pressure on the daily charts with prices respecting a bearish channel. Should prices push back below $87 this could encourage a decline back toward $82.50 and $80.00. Alternatively, a strong breakout above $90.00 may open the doors towards $95.00 – a level above the 100-day SMA.

Article by ForexTime

ForexTime Ltd (FXTM) is an award winning international online forex broker regulated by CySEC 185/12 www.forextime.com

Economics & Fundamentals Financial News

01 Dec

Expert Says Health Tech Co. Is in Another Buy Spot

Source: Clive Maund (11/30/22)

Expert Clive Maund reviews the 1-year chart for Reliq Health Technologies to tell you why he believes it is in another buy spot.

We caught a perfect buy spot when we went for Reliq Health Technologies Inc. (RHT:TSX.V; RQHTF:OTCQB; A2AJTB:WKN) at the start of the month (it was recommended in a Market Notebook update), as right after it proceeded to break out of a quite large Head-and-Shoulders bottom to rise quite steeply, resulting in good percentage gains for us in a short space of time.

The purpose of this update is to point out that it still looks good here.

It is, in fact, at another buy spot as it is starting to break out of a completing bull Flag that has formed over the past couple of weeks, as we can see on its latest 1-year chart below.

November 21, 2022, would have been the perfect time to buy, of course, because it ended up adding CA$0.04 by the end of the day, but it still looks good here as a breakout from the Flag should lead to a rally of similar magnitude to the one preceding the Flag.

We, therefore, stay long and this is a good point to add to positions or make fresh purchases. Reliq trades in reasonable volumes on the US OTC market.

Reliq Health Tech closed for trading at CA$0.71, $0.54 on November 21, 2022. It is currently trading at CA$0.69.

CliveMaund.com Disclosures

The above represents the opinion and analysis of Mr. Maund, based on data available to him, at the time of writing. Mr. Maund’s opinions are his own, and are not a recommendation or an offer to buy or sell securities. Mr. Maund is an independent analyst who receives no compensation of any kind from any groups, individuals or corporations mentioned in his reports. As trading and investing in any financial markets may involve serious risk of loss, Mr. Maund recommends that you consult with a qualified investment advisor, one licensed by appropriate regulatory agencies in your legal jurisdiction and do your own due diligence and research when making any kind of a transaction with financial ramifications. Although a qualified and experienced stock market analyst, Clive Maund is not a Registered Securities Advisor. Therefore Mr. Maund’s opinions on the market and stocks can only be construed as a solicitation to buy and sell securities when they are subject to the prior approval and endorsement of a Registered Securities Advisor operating in accordance with the appropriate regulations in your area of jurisdiction.

Disclosures:
1) Clive Maund: I, or members of my immediate household or family, own securities of the following companies mentioned in this article: None. I personally am, or members of my immediate household or family are, paid by the following companies mentioned in this article: None.

2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: Reliq Health Technologies Inc. Click here for important disclosures about sponsor fees.

Financial News Healthcare Stock Market News

01 Dec

Equipment Dealer Posts Record 88% Increase in Q3 EPS

Source: Streetwise Reports (12/1/22)

Shares of Titan Machinery Inc. traded 26% higher yesterday to a new 52-week high after the company reported Q3/23 financial results, highlighting a 47.3% YoY increase in revenue. The firm additionally raised its full-year revenue and earnings estimates.

Agricultural and construction equipment dealer

Titan Machinery Inc.

Titan Machinery Inc. (TITN:NASDA), which owns and operates more than 100 full-service stores in the U.S. and Europe, yesterday announced financial results for the third quarter of 2023, which ended October 31, 2022.

The company’s Chairman and CEO, David Meyer, led off the report by stating, “We delivered another consecutive quarter of record financial results, with third-quarter earnings per share of US$1.82. The ongoing strength of the agriculture sector combined with our customer-centric focus drove consolidated revenue growth of 47%, which was supported by strong contributions across each of our revenue streams – equipment, parts, and service . . . Given these strong third-quarter results, coupled with our expectations for the solid market fundamentals continuing through the fourth quarter, we are increasing our earnings per share modeling assumption for the fiscal year 2023 to a midpoint of US$4.70 per share.”

Gross profit in Q3/23 rose to US$139.6 million (20.9%), up from US$92.5 million (20.4%) in Q3/22. The company indicated that the increases were due mostly to stronger margins from equipment sales.

The firm reported that total revenue during Q3/23 increased by 47.3% to US$668.8 million, compared to US$454.0 million in Q3/22.

Revenues across almost all business segments increased versus the same period in the prior year and consisted of US$509.0 million from Equipment sales, US$108.7 million from parts sales, US$39.0 from Service, and US$12.1 million from rental and other sales.

Gross profit in Q3/23 rose to US$139.6 million (20.9%), up from US$92.5 million (20.4%) in Q3/22. The company indicated that the increases were due mostly to stronger margins from equipment sales.

Titan Machinery reported that for Q3/23, it recorded a net income of US$41.3 million, or US$1.83 per diluted share, versus a net income of US$21.8 million, or US$0.97 per share in Q3/22.

The firm added that during Q3/23, adjusted EBITDA increased by 80% to US$63.5 million, compared to US$35.3 million in Q3/22.

The company advised that in Q3/23, agriculture segment revenues grew to US$493.3 million, compared to US$281.5 million in Q3/22. The firm said the gains were the result of a combination of positive organic growth and contributions from three separate company acquisitions.

Titan added that during Q3/23, construction segment revenues increased to US$86.4 million, up from US$79.7 million in Q3/22, driven by increased demand for equipment, and listed that it posted revenues of US$89.0 million in its international segment.

CEO Meyer commented further that “The momentum in our business continues to be visible across all aspects of Titan Machinery, as favorable industry conditions combine with several years of operational improvements and solid growth through accretive and strategic acquisitions . . . Looking ahead, we are very well positioned to serve the strong industries that we operate in with our robust balance sheet and powerful operational performance.”

The company offered some upward adjusted forward guidance and stated that for FY/23, it expects that agriculture revenue will be up 55-60% year-over-year, compared to its prior estimates of 50-55%. The firm stated that construction revenue is expected to decrease by 0-5% y-o-y, and international segment revenue is also projected to be down by 0-5% y-o-y. Titan Machinery added that for FY/23, it now expects it will have diluted earnings per share (EPS) of US$4.55-4.85. Prior estimates called for diluted EPS of US$3.70-4.00.

Titan Machinery owns and operates full-service agricultural and construction equipment dealer locations in North America and Europe. The company is based in West Fargo, N.D., and offers products and services to farmers, ranchers, and other commercial customers from its network of over 100 dealer locations in Europe and 13 U.S. midwestern and western states.

The firm’s international stores are located in Bulgaria, Germany, Romania, and Ukraine. Titan noted that each of its store locations represents one or more of CNH Industrial N.V.’s (CNHI:NYSE; CNHI:MI) equipment brands, including Case Construction, Case IH, CNH Capital, New Holland Agriculture, and New Holland Construction.

Titan Machinery started the day with a market cap of around US$787.17 million yesterday with approximately 22.57 million shares outstanding. TITN shares opened 15% higher yesterday at US$40.20 (+US$5.32, +15.25%) over the previous day’s US$34.88 closing price and reached a new 52-week high price yesterday afternoon of US$44.29. The stock traded yesterday between US$38.31 and US$44.29 per share and closed for trading at US$44.03 (+US$9.15, +26.23%).

Disclosures:

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Financial News Stock Market News

01 Dec

Ichimoku Cloud Analysis 01.12.2022 (EURUSD, XAUUSD, USDCAD)

By RoboForex.com

EURUSD, “Euro vs US Dollar”

The currency pair is testing the upper border of the Triangle pattern. The instrument is going above the Ichimoku Cloud, which suggests an uptrend. A test of the upper border of the Cloud at 1.0360 is expected, followed by growth to 1.0765. An additional signal confirming the growth will be a bounce off the lower border of the bullish channel. The scenario can be cancelled by a breakaway of the lower border of the Cloud and securing under 1.0245, which will mean further falling to 1.0155. The growth can be supported by a breakaway of the upper border of the Triangle pattern and securing above 1.0555.

XAUUSD, “Gold vs US Dollar”

Gold is getting ready to break through the resistance level. The instrument is going above the Ichimoku Cloud, which suggests an uptrend. A test of the upper border of the Cloud at 1755 is expected, followed by growth to 1855. An additional signal confirming the growth will be a bounce off the upper border of the descening channel. The scenario can be cancelled by a breakaway of the lower border of the Cloud and securing under 1725, which will mean further falling to 1675.

USDCAD, “US Dollar vs Canadian Dollar”

The currency pair is correcting in a bullish channel. The instrument is going above the Ichimoku Cloud, which suggests an uptrend. A test of the upper border of the Cloud at 1.3375 is expected, followed by growth to 1.3750. An additional signal confirming the growth will be a bounce off the lower border of the bullish channel. The scenario can be cancelled by a breakaway of the lower border of the Cloud and securing under 1.3315, which will mean further falling to 1.3220.

Article By RoboForex.com

Financial News Forex and Currency News

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