TSX Index must hold 12,200 or the intermediate uptrend is over
The weekly chart for the TSX Index published on September 14, 2012 shows the dismal performance over the last three years. It is not a pretty picture. And the above daily chart shows the TSX stalling at 12,500 with a paltry gain of around 11% from the 11,300 low and a YTD gain of 0%. Also, a two year performance of 0% is not too encouraging. With energy, basic materials and financials (LifeCos in particular) not performing; the TSX does not have a chance for a shot at 12,800.
Some points to review from the above chart:
- Intermediate uptrend for TSX Index as of September 24, 2012
- Could not break resistance of 12,500
- Near-term downtrend
- RSI is confirming the intermediate uptrend and above 0
- Near-term support and resistance levels are identified
- Must hold 12,200 to maintain the intermediate uptrend
Relevant articles picked from the Web:
- Spanish economy shrinking at ‘significant rate‘ — BBC — September 26, 2012
- What the world’s 14 most important commodities will do — FP — September 25, 2012
- Global growth to be ‘weaker than anticipated’, IMF chief Lagarde warns — FP — September 24, 2012
Reference past posts and related sites:
Note: The above chart analysis is valid as of the publication date. To review current charts click on Home or perform a search. 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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