TSX Index and another chance to hold 12,500
This is the second close this week above resistance of 12,500. Now there has to be follow-through on the bullish shaven head candlestick if the the TSX Index is to hold above resistance. Then there will be a new support level (reversal of roles) of 12,500 and an increased probability for the index to test major resistance of 12,800. As you can see from the above candlestick chart, the TSX Index has struggled to breakout above resistance of 12,500 since September, 2012 and I could go back further on the weekly chart where 12,500 was a significant resistance point.
What is the trend for the TSX Index? The near-term trend is up, the intermediate trend is up and the major trend is sideways.
Note: Click on HOME for updated postings. This technical analysis is for educational purposes so you can learn to trade online using candlestick charts and other technical indicators including volume, moving averages and oscillators. 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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