Monthly Archives: August 2011

Candlestick chart analysis – TSX Index

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Harami Pattern for the TSX Index
Harami candlestick pattern on the weekly chart of the TSX index indicates the TSX could ease into a congestion band between support of 12,000 and resistance of 12,500

Three-Year Weekly Chart for the TSX Index

We may have a bottom in the recent sell-off but the intermediate trend is still down. Cash is king in this market.

Reference the previous analysis of the TSX Index for the downside risk if the index cannot hold the 12,000 and 11,500 support levels.

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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.

What is the downside risk for the TSX Index?

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TSX candlestick chart with support levels
TSX Index candlestick chart with major support levels

TSX Index Three-Year Weekly Chart

The intermediate trend and the near-term trend are both down in the above candlestick chart.

Reference the most recent weekly chart of the TSX Index for September 23, 2011. The TSX Index did not hold the 12,000 support level. The 12,000 level is now resistance on the current chart. The reversal of roles from support to resistance or resistance to support is an important concept in technical analysis.

You can visit the Home Page for current charts.

You can visit BigCharts advanced chart settings to customize your own charts.

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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.

TSX Index candlestick chart analysis

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Bullish Piercing Pattern for the TSX Index
TSX Index cadlestick chart showing a bullish piercing pattern

TSX Index Three-Year Candlestick Chart

We may have a bottom in the recent sell-off but the intermediate trend is still down. A cash position of at least 50% is prudent in this market.

Reference the previous analysis of 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.

Precision Drilling (PD:TSX) chart

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Bullish Engulfing Pattern on the daily candlestick chart

Precision Drilling chart analysis showing the bullish engulfing pattern

Precision Drilling Candlestick Cahrt

You can see from the chart that the $12.00 level provided support in the recent sell-off.  The bullish engulfing candlestick pattern confirmed the bottom with above-average volume. You now have a stop-loss point at the major support level of $12.00 and you have near-term and intermediate targets.

Precision Drilling is a stock that can be traded and is in a near-term uptrend.

Reference the previous analysis for Precision Drilling.

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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.