Three TSX Stocks Show Bullish Momentum Turn
Three TSX stocks — FNV, K, and SHOP — recently saw significant bullish turns in their Altra Scores, signaling a potential shift in momentum.
- Visit the stock pages: FNV, K, SHOP
- Sector XMA , which ranks #6 for Relative Strength (Altra Sector score of 25.0 with bearish regime.)
The TSX market is currently showing signs of improving breadth, with its Altra Market score at 66.3. This score, which reflects the percentage of stocks trading above key Exponential Moving Averages (EMAs) market-wide, suggests a selective environment. Despite recent advances (26) versus declines (34) indicating uneven participation, the 15-day score trend has edged up by 2.9 points, signaling a subtle positive shift. Amidst this backdrop, several individual stocks have registered notable momentum shifts, as measured by their Altra Scores. The Altra Score, a unique momentum indicator ranging from 0 to 100, is derived from the alignment of EMAs and the trend of the Relative Strength Index (RSI) across daily, weekly, and monthly timeframes. A higher score signifies stronger bullish momentum.
Franco-Nevada Corporation (FNV)
Franco-Nevada Corporation (FNV) recently experienced a significant surge in its momentum, with its Altra Score rocketing from a Bearish 21.4 to a Strong Bullish 90.2 on August 4, 2026. This impressive move has been largely sustained, with the stock maintaining a robust Strong Bullish score of 89.8. A "Strong Bullish" rating indicates the stock is trading above key EMAs and exhibits strong positive RSI trends across various timeframes. A bullish Weekly EMA Crossover on June 16, 2026, further signaled strengthening upward momentum, while its daily RSI of 60.5 suggests healthy buying interest. This individual strength in FNV is noteworthy given its sector context. The Materials sector, where FNV resides, holds an Altra Sector score of 25.0, ranking 6th and characterized as bearish. The Altra Sector score measures momentum at the sector level, and the sector is currently lagging with its relative strength momentum (RS RSI) at 40.1, indicating further weakening. FNV's robust performance, therefore, stands out significantly against a challenging sector backdrop.
Kinross Gold Corporation (K)
Kinross Gold Corporation (K) also showed a notable shift, moving from a Bearish 37.6 to a Bullish 73.5 on August 5, 2026. This transition to "Bullish" status indicates a clear improvement in the stock's multi-timeframe momentum. Like FNV, Kinross is in the Materials sector, which continues to display bearish characteristics (Altra Sector score 25.0, lagging regime). Despite broader sector weakness, Kinross's price is currently trading above its key EMAs. While the stock had a bearish Weekly EMA Crossover on June 12, 2026, the recent upward move in its Altra Score suggests renewed interest may be overriding this earlier signal. Its daily RSI of 58.53 reflects this improved short-term momentum.
Shopify Inc. (SHOP)
Shopify Inc. (SHOP) marked an equally compelling and powerful turnaround, with its Altra Score climbing from a Bearish 22.7 to a Strong Bullish 88.5 on August 4, 2026. This momentum has since accelerated, with SHOP now registering a perfect Strong Bullish 100.0 Altra Score. This reflects optimal EMA alignment and robust RSI trends across daily, weekly, and monthly timeframes, making it a standout performer. SHOP's price is firmly positioned above its key EMAs, reinforced by a timely bullish Weekly EMA Crossover on August 5, 2026, confirming the strengthening upward trend. The stock's daily RSI of 66.44, along with healthy weekly and monthly RSI readings, underscores broad-based buying pressure. Notably, while the Technology sector (Altra Sector score 49.0, rank 5) is still generally bearish, its sector regime detail indicates it's "starting to turn up" (relative strength RSI 45.4). SHOP's exceptional performance within this context could be a leading indicator for a potential broader positive shift within the Technology sector.
The momentum shifts observed in Franco-Nevada, Kinross Gold, and Shopify across the TSX market illustrate how individual stock strength can emerge even within broader market or sector contexts that may not be overtly bullish. While the TSX Altra Market score of 66.3 points to an improving but selective environment, these stocks demonstrate that high-probability setups can be found by focusing on specific, data-driven momentum indicators. The Altra Market score gauges overall market breadth and health by tracking the percentage of stocks above key EMAs, providing a read on overall market texture. The Altra Sector score offers a similar measure at the sector level, combined with a relative strength rank against other sectors. These examples collectively highlight the utility of multi-timeframe momentum analysis in identifying evolving trends and potential opportunities across the dynamic Canadian equity landscape.
What is the Altra Score? The Altra Score is AltraOne's proprietary momentum score for individual stocks, ranging from 0 to 100. It measures EMA structure and RSI momentum across multiple timeframes. A score above 60 is Bullish, below 40 is Bearish, and 40–60 is Neutral. The score is updated every trading day after market close based on end-of-day data.
Explore the full Signal History on AltraOne to see every EMA crossover signal across your watchlist — going back 52 weeks. The weekly EMA crossover is AltraOne's highest-conviction intermediate momentum signal; the Signal History page lets you track how these have played out over time.
Altra Score is a momentum indicator reflecting EMA alignment and RSI trend across daily, weekly, and monthly timeframes. It is not investment advice. Past momentum does not guarantee future performance. Please consult a SEBI-registered advisor before making investment decisions.