Next support level for the TSX is 12,500
Key points from the above chart of the TSX Index:
- Intermediate trend is down.
- Near-term trend is down.
- Second week below the 200-day simple moving average.
- The 50-day moving average has crossed below the 100-day moving average.
- Three bearish candlesticks for the last three weeks.
- Last week’s candlestick has a shaven bottom.
- RSI in a downtrend.
- RSI crossed below 50.
Did I miss any other negative points? Do you see any positive indicators?
Reference the previous analysis for the TSX Index.
Note: This technical analysis is for educational purposes so you can learn to trade online using candlestick charts. 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.