The TSX Index is trading below the 20-day simple moving average and the 50-day simple moving average. On the plus side, it is still above the 200-day moving average. The major trend is up, the intermediate trend is up and the near-term trend is down. RSI is trading below 50 and MACD has crossed the center line. In summary, the near-term picture is negative and I will monitor the chart closely for any further breakdown. The oil sector is the major drag for the TSX Index but financials will incur selling pressure if the oil stocks continue to selloff.
“Technical Analysis is about putting the probabilities on your side.”
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.
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