West Texas Intermediate weekly chart

 Other Topics, U.S. Indexes  No Responses »
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

TSX Index candlestick chart analysis

 TSX Index  No Responses »
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

iShares S&P/TSX Energy Index (XEG) chart analysis

 Charted Stocks  No Responses »
Jan 222013
 
Near-term uptrend for XEG but the major trend is down
A six month candlestick chart for iShares S&P/TSX Capped Energy Index (ticker:XEG) showing the near-term uptrend and resistance levels. RSI is confirming the neart-term uptrend but the intermediate trend is sideways and the major trend is down.

iShares S&P/TSX Capped Energy Index (XEG) 6-Month Chart

With a weighting of 27.88% in the S&P/TSX Composite Index, the energy sector holds the key (along with materials—16.88%) for the continuation of the uptrend in the index. But with the underlying commodities, including oil and natural gas, not breaking out to the upside; it is hard to be optimistic. And then there is the frustrating Canadian crude oil differential due in part to pipeline constraints. The differential compared to world oil prices (Brent) is around $50.00 per barrel. Canada imports around 40% of the oil it consumes. So eastern Canada is paying world prices for crude and western Canada is losing $1.5-billion a month because of the differential. The oil visionaries out west, with the “let eastern Canada freeze in the dark mentality”, were not the great oracles. Who needed to ship oil to the east when our friends to the south would take all we could produce out west? You have the answer today and there is no easy solution. Pipelines cannot be built in a day and the U.S. is able to squeeze more and more out of their wells due to advances in drilling technology—hydraulic fracturing.

The financials, with a weighting of 29.62%, have done the heavy lifting and are up over 19% from the November, 2012 low. But the financial sector is close to major resistance levels and is due for a consolidation or correction.

XEG – S&P/TSX Capped Energy Index Fund – Suncor represents 18.60% of this fund.

Reference the last chart analysis for the S&P/TSX Index posted on January 18, 2013

Reference the last chart analysis for XEG posted on September 18, 2012

Relevant articles picked from the Web:

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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 chart snippet is from BigCharts.com which I recommend and have used for fifteen years. The author of this article may hold long or short positions in the featured stock or index.

© 2013 TradeOnline.ca

U.S. Treasury 10-Year Note bar chart

 U.S. Indexes  No Responses »
Dec 182012
 
Near-term uptrend with resistance at 1.90%
Chart analysis for the U.S. Treasury 10-Year Note showing the near-term uptrend with resistance at 1.90%. The intermediate trend is sideways and the major trend is down.

U.S. Treasury 10-Year Note

The near-term trend is up for the 10-year note which represents the movement of capital from the relative safety of the U.S. Treasury to other asset classes. The S&P 500 Index at 1,446 is above resistance levels of 1,425 and 1,440 with the financial sector being a big winner. There is hope that the U.S. will not drive over the so-called fiscal cliff as politicians do what they do best: talk with no action.  But hope will not sustain the advance in stocks and the U.S. Treasury for much longer. Some sort of resolution to the fiscal mess would see the yield breakout above resistance of 1.90% and a continuation of the near-term uptrend in major U.S. stock indexes. But and there is always a but when you trade online, the major trend is still down for the U.S. Treasury and the intermediate trend is sideways.

For the TSX Index (weighted to oil and material stocks) it would take a confirmed resolution of the fiscal cliff and some good economic numbers out of China to move this Canadian index. And even this may not do the job as caution is the prevailing mood as we end 2012 and will be the prevailing mood as we enter 2013.  It has been a dismal three year performance for the TSX Index relative to the U.S. Indexes.

Reference the last chart analysis for the this U.S. Treasury Note.

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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 chart snippets are from BigCharts.com which I recommend and have used for fifteen years. The author of this article may hold long or short positions in the featured stock or index.

© 2012 TradeOnline.ca

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