TSX Index closed below support of 12,000
The intermediate trend is down for the index: cash is king.
The reversal of roles from support to resistance or resistance to support is an important concept in technical analysis. In the above chart, I highlighted a real time example where 12,000 was support on the chart analysis last week. It is now the resistance level for the TSX Index: at least for now.
Reference last weeks chandlestick chart analysis based on the weekly chart.
Financial Post article dated Nov 21, 2011: What you need to know before markets open
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