Follow-Up Comments

NDW Spotlight Stock

IMO Imperial Oil Limited R ($125.86) - Oil - IMO has maintained at least a 3 technical attribute stock for more than 12 months and a 5 for 5’er TA rating since June of 2025. The stock has maintained positive near- and long-term market relative strength since June of last year and positive near- and long-term peer relative strength since March 2025. On the default point and figure trend chart, IMO has maintained a positive trend since May of last year and returned to a buy signal by completing a shakeout pattern and marking a new all-time chart high to cap off April’s trading. This week’s action brought back into a column of Os to the mid $120s, just above the middle of the 10-week trading band. The stock is actionable here on the pullback or on a on a rally back toward highs in the mid $130s. We will utilize $112 as our initial stop as it would violate multiple levels of support and bring the chart to lowest level since February 2026. IMO maintains a current reward to risk ratio north of 3.5 with a bullish price objective of $164, our current price target.