Dec 162013
 
Copper near-term uptrend and resistance zone
Copper chart showing the near-term uptrend and the resistance zone.

Copper 1-Year Daily Bar Chart courtesy of StockCharts.com

The major trend is down, the intermediate trend is sideways and the near-term trend is up. I am focusing on the near-term trend (last three weeks) in this analysis. The near-term trend is up and the resistance zone is identified on the above chart. A break above the resistance zone would indicate a target of $3.80. The price of copper is a good proxy for the growth in the world economy:in particular for China. A breakout above the resistance zone would bode well for the TSX Index which has a relatively large weighting in base metal stocks. A failure for copper to breakout above the resistance zone would indicate that the TSX Index will not breakout above the 13,500 resistance level.

Reference the last chart analysis for copper based on the weekly chart.

Reference the last chart analysis for the TSX Index.

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“It is not when you buy that counts, it is when you sell”

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

Aug 182013
 
Near-term uptrend for TSX with major resistance at 12,900
Near-term uptrend for the TSX Index with major resistance around 12,900

TSX Index Weekly Chart courtesy of StockCharts.com

The magic number is the March, 2013 high of 12,904. There is a high probability for a test of the 12,900 major resistance zone.

Reference the last chart analysis for the TSX Index.

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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.

Apr 202013
 
Neat-term downtrend with support at $85.00
Near-term downtrend for WTIC with support at  $85.00 and major support at $80.00

WTIC Weekly Candlestick Chart courtesy of StockCharts.com

Near-term downtrend for WTIC with support at $85.00 and major support at $80.00. The intermediate trend is sideways.

Reference the last chart analysis for WTIC.

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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

Apr 042013
 
TSX Index must hold support zone or it will test 11,800
TSX Index in a near-term downtrend and must hold the support zone or it will test 11,800.

TSX Index Daily Candlestick Chart

The last chart analysis for the TSX Index showed it stuck in a lateral trading band with support at 12,600 and resistance at 12,900. That all ended on Wednesday in a big way when the tall dark candlestick crashed through two support levels: 12,600 and 12,500. The trading action today confirmed the near-term downtrend with an open and close below the close for the ominous tall dark candlestick.

The TSX Index now has a new major resistance level of 12,500 (reversal of roles) which was a prior major support level.

The support zone is based on three points:

  1. A 50% retracement of the November intermediate move which would be 12,350
  2. The 200 day moving average at 12,269
  3. The old support level of 12,200

If the TSX Index cannot hold the support zone, there is a high probability of a test of the November low around 11,800.

If you read my previous posts, this surprise drop on Wednesday should come as no surprise. Material and oil related stocks, which represent 45% of the TSX Index, have performed very poorly. Reference a recent post on Dr. Copper.

U.S. Jobs Report will move the market on Friday: most likely to the downside.

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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