Two TSX Listed Stocks Giving Bullish Indications - Kalkine Australian Subscription

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Two TSX Listed Stocks Giving Bullish Indications - Kalkine

The benchmark S&P/TSX Composite Index (TSX: ^TSX) started the last week on a positive note and maintained a bullish momentum for the entire week. The S&P/TSX composite index advanced by 97.35 points (0.44%) to 22264.38 for the week ending April 05, 2024. On April 08, 2024, the index closed at 22260.30, down by 4.08 points or ~0.02%. 

Labrador Iron Ore Royalty Corporation (TSX: LIF) 

Labrador Iron Ore Royalty Corporation is a Canadian corporation. The company generates all its revenue from its equity investment in Iron Ore Company of Canada, (IOC) and its IOC royalty and commission interests.  

Despite persistent concerns about the global economy, particularly the Chinese property sector, the forecast for steel demand and iron ore prices remains positive. The World Steel Association forecasts a 1.9% increase in worldwide steel production in 2024. So far in 2024, the average price of the 65% Fe index has been USD 142 per tonne, up from an average of USD 132 in 2023. 

Technical View: On the daily chart, LIF stock prices are sustaining above the falling trendline support level and continuously taking support from the trendline. The recent upside movement in the stock is backed by increasing volumes, further supporting a positive bias. The next resistance level is plotted around CAD 33.60, and the stock may test that level in the short term (2-4 weeks). 

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