Tag Archives: major support

TSX Index is testing major support zone

RSI and MACD confirming the near-term downtrend
TSX Index is testing the major support zone.

TSX Index Daily Chart

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“Stay with the trend until it ends.”

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.

© 2015 TradeOnline.ca

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United States Oil Fund ETF (USO) chart analysis

Major support level for USO is 29
USO weekly chart showing the critical support level of 29. The intermediate trend is down.

USO 3-Year Weekly Chart

Reference the last chart analysis for WTI.

News release for November 5, 2014: OPEC sees bigger output drop

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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

Gold weekly chart

Gold is testing the major support zone
Gold is test the major support zone on the weekly chart

Gold 3-Year Weekly Chart

My last chart analysis for gold: Reference the last chart analysis for gold.

How low can gold go? View video

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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

Precision Drilling (PD) chart analysis

Major support for Precision Drilling is $9.00
Precision Drilling weekly chart showing the intermediate downtrend with major support at $9.00.

Precision Drilling 3-Year Weekly Chart

Precision Drilling reports earnings on Monday, October 27, 2014.

October 27, 2014: News today – Oil prices tumble; Goldman slashes forecast

______________________________

“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

S&P 500 weekly chart showing critical support level

Line in the sand for S&P 500 is 1900

Chart for the S&P 500 showing the critical support level at the 200 day moving average.

S&P 500 3-Year Weekly 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.

Bonavista Energy (BNP) chart analysis

Bonavista Energy near major support: Low risk entry point

Bonavista Energy chart analysis. Major support is around $12.00

Bonavista Energy (BNP) 10-Year Chart

Bonavista Energy is focused on natural gas production. The yield is 6.56%. If you think there will be an upswing in the price of natural gas this winter, then this stock is a relatively safe bet. And you collect the dividend while you wait. One caveat, close the position on a confirmed break below major support.

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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.

US Dollar Index weekly chart

Major support for the US dollar is the $79.00 zone
Major support for the US Dollar Index is the $79.00 zone.

US Dollar Index Weekly Chart courtesy of stockcharts.com

The US dollar is the reserve currency and has a major impact on other markets. The inverse relationship to the price of commodities is relevant to the Canadian market. Commodities are priced in US dollars so commodity traders demand more US dollars as it declines relevant to other currencies.

United States dollar

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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.

Technical Analysis: TSX Index Daily Chart

High probability TSX Index will test support of 12,900
Tall shaven head and bottom candlestick does not bode well for the TSX Index.  High probability the index will test major support of 12,900.

TSX Index 7 Month Daily Candlestick Chart courtesy of StockCharts.com

Technical analysis is all about evaluating probabilities. There are no sure things when you evaluate a chart: just guideposts. In the near-term, the above chart indicates a high probability that the TSX Index will test support of 12,900. And there is a low probability that the index will break resistance of 13,500.

Here are the negative points from the above chart:

  1. Tall shaven head and bottom candlestick on the chart today
  2. The 10-Day SMA crossed below the 20-Day SMA
  3. The volume was average today but volume does not have to confirm a downtrend
  4. RSI is confirming the downtrend
  5. Notice the divergence when RSI did not confirm the November high

Reference the last chart analysis for the TSX Index showing the performance by sectors.

Reference the last chart analysis for copper which has a major impact on the materials sector.

Reference the breakout for the TSX above resistance on October 18, 2013. This is now the support zone on the above chart. The reversal of roles is an important concept in technical analysis.

Reference the importance of the 12,900 support zone which was a a area of consolidation back to early 2012.

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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.

© 2013 TradeOnline.ca