Can the TSX Index break the downward sloping trendline?
The TSX Index has a negative technical profile. The intermediate trend is down and the index trades below the 50-day, 100-day and 200-day simple moving averages. And, the 50-day moving average is below the 100-day and 200-day moving averages. And, the TSX Index trades below the downward sloping trendline. Also, the RSI is trending down and is below 50. Resistance is at the 12,000 level with current support for the lateral band at 11,500. Major support is at the 11,000 level.
Reference my last chart analysis for the TSX Index based on the weekly chart.
The following are some current articles picked from the web:
- Globe and Mail article dated Oct 14, 2011: Bond market not yet priced for recession
- Globe and Mail article dated Oct 19, 2011: There are several innovative categories of bond-based ETFs now trading on the Toronto Stock Exchange.
- Financial Post article dated Oct 21, 2011: Battle of the Canadian REIT ETFs
- Globe an Mail article dated Oct 21, 2011: A portfolio that shines when crisis hits
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.
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