Monthly Archives: April 2013

Canadian Dollar chart analysis

Near-term uptrend for the Canadian Dollar and intermediate downtrend
Near-term uptrend for the Canadian Dollar with resistance at $0.99

Canadian Dollar 6 Month Daily Chart

The near-term uptrend in the Canadian dollar will meet heavy resistance at $0.9900.

Reference my post from January 25, 2013: Canadian Dollar and TSX Composite Index Diverge and the excerpt from the post.

If the positive correlation between the TSX Index and the Canadian dollar is still relevant, then either the TSX trades down or the Canadian dollar trades up. At this stage in the market, I do not forecast an uptrend for the dollar so one can conclude that the TSX Index will not advance much more is this intermediate uptrend. The Canadian dollar has lost some of its luster as a petro-currency and safe haven investment.

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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 author of this article may hold long or short positions in the featured stock or index.

© 2013 TradeOnline.ca

TSX Index weekly chart

Yes, the TSX Index index is struggling
A three year weekly candlestick chart for the TSX Index showing support around 12,000 and a major lateral trading range.

TSX Index 3-year Weekly Chart

A dismal chart showing the major lateral trading range with support at 12,000 and major resistance at 12,500.

Reference the last chart analysis for the TSX Index.

Relevant articles picked from the Web:

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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 author of this article may hold long or short positions in the featured stock or index.

© 2013 TradeOnline.ca

Goldcorp (GG) chart analysis

Time to monitor for bottom formation chart pattern
Goldcorp (GG) 5 Year Logarithmic Chart showing the major, intermediate and near-term downtrend.

Goldcorp (GG) 5 Year Logarithmic Chart

The gold miners are trading well into bear territory. Take a look at the 5 year chart for Market Vectors Gold Miners ETF (GDX) which is approaching the 2008 low. Barrick Gold (ABX) is testing the 2008 low.

Goldcorp (GG) has the largest market cap in the industry and some of the best fundamentals. Never try to catch a falling knife but it is time to monitor for a bottom formation pattern.

Reference the last chart analysis for gold.

Relevant articles picked from the Web:

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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 author of this article may hold long or short positions in the featured stock or index.

© 2013 TradeOnline.ca

Natural Gas candlestick chart analysis

Intermediate uptrend for natural gas approaching major resistance
Intermediate uptrend for natural gas approaching major resistance.

Natural Gas Weekly Chart

Peyto Exploration & Development is a good proxy for the movement in the price of natural gas. View the chart for this junior oil company which is positively correlated with the price of natural gas. A big natural gas player, Encana, barely moved in response to the upward movement in natural gas. View the chart for Encana: not a pretty picture.

Relevant articles picked from the web:

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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 author of this article may hold long or short positions in the featured stock or index.

© 2013 TradeOnline.ca

West Texas Intermediate weekly chart

Neat-term downtrend with support at $85.00
Near-term downtrend for WTIC with support at  $85.00 and major support at $80.00

WTIC Weekly Candlestick Chart courtesy of StockCharts.com

Near-term downtrend for WTIC with support at $85.00 and major support at $80.00. The intermediate trend is sideways.

Reference the last chart analysis for WTIC.

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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 author of this article may hold long or short positions in the featured stock or index.

© 2013 TradeOnline.ca

Copper candlestick chart analysis

Hammer on the chart today is a reversal pattern
A hammer appeared on the daily chart for copper. A hammer is a reversal pattern.

Copper Daily Candlestick Chart

The hammer on today’s chart is a reversal pattern. This is an indicator that the intermediate downtrend will end. It does not mean that copper will suddenly reverse direction: it could ease into a consolidation zone. The price action today is reflected in the hammer. Copper opened at $3.18 and then traded down to $3.06 which was close to major support at $3.00. It then closed at $3.20.

Reference the last chart analysis for copper based on the weekly chart.

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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 author of this article may hold long or short positions in the featured stock or index.

© 2013 TradeOnline.ca

Technical Analysis of copper

Increased probability copper will test major support at $3.00
Copper candlestick weekly chart showing the intermediate downtrend and major support at $3.00

Copper Candlestick Chart courtesy of Stockcharts.com

High probability copper will test major support at $3.00. It is trading below the 50 day and 200 day moving averages. The 50 day has crossed the 200 day moving average. There was a tall dark shaven head and bottom ( very close) candlestick on the daily chart today. The RSI is at an oversold level but it can stay oversold for long periods and this is no reason to buy against the intermediate and near-term downtrend.

Reference the last chart analysis for copper.

I have posted a number of charts on Dr. Copper highlighting the tepid prognosis for the world economy. One of the charts showed the positive correlation between the price of copper and the TSX Index.

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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 author of this article may hold long or short positions in the featured stock or index.

© 2013 TradeOnline.ca