Oct 172014
 
Hammer on weekly chart indicates tentative support at 80
Hammer on the weekly chart for WTI indicates support around 80 as the shorts covered on Thursday. It is not a perfect hammer which would have a smaller real body and a longer shadow.

WTI 3-Year Weekly Chart

The shorts covered. Hammer on the weekly chart for WTI indicates support around 80. It is not a perfect hammer which would have a smaller real body and a longer shadow. There was also the support at 80 back in June, 2012.

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Daily chart for WTI shows the support level around 80
Daily candlestick chart for WTI showing the support level around 80.  There was heavy volume on Thursday as the shorts covered.  But the spinning top candlestick on Friday indicates ambivalence.  It is not the time to go long or short. We will have to monitor the price action next week.

WTI Daily Candlestick Chart

Daily candlestick chart for WTI showing the support level around 80. There was heavy volume on Thursday as the shorts covered. But the spinning top candlestick on Friday indicates ambivalence. It is not the time to go long or short. We will have to monitor future price action. There is a high probability the bears will take another run at testing the support level.

Reference the last chart analysis for WTI and Brent published on October 14, 2014.

Reference the Monthly Oil Market Report from OPEC.

Expectations for next month’s Opec ministerial meeting now weigh heavily on the oil market after the sharpest sell-off in years over the past month, analysts said. Read the rest of the article………….

Excellent article from a Canadian perspective: In the oil sands, this is not the time to panic

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“It is all about probabilities”

Note: Click on HOME for updated postings. This technical analysis is for educational purposes so you can learn to trade online using candlestick charts and other technical indicators including volume, moving averages and oscillators. Please conduct your own chart analysis or consult your financial advisor before making investment decisions. The author of this article may hold long or short positions in the featured stock or index.

© 2014 TradeOnline.ca

Oct 162014
 
Hammer indicates a bottom on the weekly candlestick chart
Hammer indicates a bottom on the weekly candlestick chart for the TSX Index.

TSX Index 3-Year Weekly Chart

Reference my last chart analysis for the TSX Index showing the retracement levels. The TSX Index may have found support at the 50% retracement point.

A busy calendar for next week: View calendar…………..

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Bullish Engulfing Pattern indicates a bottom on the daily candlestick chart
Bullish engulfing pattern on the daily candlestick chart indicates a bottom for the TSX Index.

TSX Daily Candlestick Chart

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“It is all about probabilities”

Note: Click on HOME for updated postings. This technical analysis is for educational purposes so you can learn to trade online using candlestick charts and other technical indicators including volume, moving averages and oscillators. Please conduct your own chart analysis or consult your financial advisor before making investment decisions. The author of this article may hold long or short positions in the featured stock or index.

© 2014 TradeOnline.ca

Oct 162014
 
Hammer indicates a bottom on the weekly candlestick chart
XEG - iShares S&P/TSX Capped Energy Index ETF weekly candlestick chart showing a bullish engulfing pattern.  This may indicate a bottom.

XEG – iShares S&P/TSX Capped Energy Index ETF Weekly Chart

XEG – iShares S&P/TSX Capped Energy Index ETF

Reference my last chart analysis for XEG etf published April 4, 2014.

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Bullish Engulfing Pattern indicates a bottom on the daily candlestick chart
XEG - iShares S&P/TSX Capped Energy Index ETF candlestick chart showing a hammer.  this may indicate a bottom.  We will see.

XEG – iShares S&P/TSX Capped Energy Index ETF Daily Chart

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“Keep it Simple”

Note: Click on HOME for updated postings. This technical analysis is for educational purposes so you can learn to trade online using candlestick charts and other technical indicators including volume, moving averages and oscillators. Please conduct your own chart analysis or consult your financial advisor before making investment decisions. The author of this article may hold long or short positions in the featured stock or index.

© 2014 TradeOnline.ca

Oct 152014
 

TSX Index is weighted to Financials, Materials and Energy: 79%

YTD return by sector for the TSX Index

TSX Index YTD Return by Sector

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“Keep it Simple!”

Note: Click on HOME for updated postings. This technical analysis is for educational purposes so you can learn to trade online using candlestick charts and other technical indicators including volume, moving averages and oscillators. Please conduct your own chart analysis or consult your financial advisor before making investment decisions. The author of this article may hold long or short positions in the featured stock or index.