TSX closed below support of 12,000

TSX Index still has a negative technical profile: nothing new in this statement. The intermediate trend is down and the near-term trend is down. The index closed below the support level of 12,000 which is now the resistance level. The above candlestick chart is a graphical representation of the negative sentiment plaguing the index. A picture is worth thousand words.

Reference last weeks chart analysis for the TSX Index.

Relevant articles picked from the Web:

• Closing Bell: TSX tumbles, commodity prices slide — FP — May 8, 2012
• Canada is world’s biggest oil loser by buying high, selling low — FP May 8, 2012
• Bill Ackman slams cozy Canadian corporate culture — FP — May 8, 2012
• CMHC changes may benefit alternative mortgage lenders — FP — May 7, 2012
• David Rosenberg: ‘Europe is a mess’ — FP — May 7, 2012

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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.

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