Author Archives: Trader

Precision Drilling (PD:TSX) chart analysis

Bullish white candlestick closes above resistance

Candlestick chart analysis for Precision Drilling showing a bullish white candlestick on above average volume and the confirming indicators of OBV and MACD.

Precision Drilling (PD:TSX) Six-Month Chart

Reference the previous analysis for Precision Drilling.

Precision Drilling Corporation 2011 Second Quarter Results Conference Call and Webcast.

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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.

Candlestick chart analysis: TSX Index

Intermediate trend is down for the TSX Index

TSX index candletick chart analysis showing a spinning top candlestick with support and resistance levels

TSX Index Three-Year Candlestick Chart

The TSX Index must make a convincing (+2%) consecutive two-day close above 13,500 to set-up a test of major resistance at 14,300.

Reference the previous analysis for the TSX Index.

Stocks to watch Tuesday: Coca-Cola, J&J, Apple: review this post from MarketWatch. The reaction on the chart is all that counts as each of the companies report earnings.

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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.

TSX Index: Candlestick analysis on the daily chart

Tall dark candlestick is not a good omen for the TSX Index

Candlestick analysis of the tsx index using the daily chart showing a dark candlestick and support levels

TSX Index 6-Month Daily Chart

The TSX Index is in an intermediate downtrend.  There is a support level of 13,000 on the weekly chart but there is a high probability this level will not hold.  The next level to monitor is the reaction low of  12,800. Again, there is a high probability this level will not hold: trading online is all about probabilities.  Cash is the the safest asset class at this stage in the market until we get a better picture of the earnings and the reaction of the the market.

Reference the previous analysis using the weekly chart.

Reference an earlier post highlighting the downside risk for the TSX Index.

Can the NASDAQ Index break 2,880?

Candlestick chart shows the near-term uptrend

Candlestick chart analysis for the NASDAQ index showing the major trend, the intermediate trend and the near-term trend.

NASDAQ Three-Year Weekly Candlestick Chart

The NASDAQ is still in a good position for another test of major resistance at 2,880. There needs to be an increase in volume and a convincing two-day close of around 2,940. This would indicate an intermediate target of 3,160.

Reference the previous candlestick chart for the NASDAQ

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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.

Technical Analysis: NASDAQ candlestick chart

Bullish shaven head candlestick: A 6.1% move the week of June 27

Candlestick chart for the NASDAQ index showing the bullish shaven head candlestick chart and major support level

Three-Year Weekly Candlestick Chart

A short-term bounce and back to a lateral trading range? Or the start of a new uptrend?

The tall bullish shaven head candlestick is a graphical representation of the major move of 6.1% for the week of  June 27, 2011: it doesn’t get much better than this for a weekly gain in a major index.  The NASDAQ is in a good position for a test of major resistance of  2,880.  A convincing two-day close of around 2,940, would indicate an intermediate target of 3,160.

Reference the previous candlestick chart for the NASDAQ

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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.

Technical Analysis: TSX Index

Intermediate downtrend and a near-term uptrend

Candlestick chart analysis of the TSX Index with a bullish shaven head candlestick on the weekly chart

TSX Index Three-Year Weekly Candlestick Chart

The TSX Index must make a convincing (+2%) consecutive two-day close above 13,500 to set-up a test of major resistance at 14,300. At this stage, the TSX is much weaker than the DOW, NASDAQ, or the S&P 500.

Reference the previous analysis to the TSX Index.

S&P 500 Index candlestick chart analysis

Bullish Engulfing Patterns: Size Counts

Three-year candlestick chart analysis for the S&P 500 Index based on the weekly chart and showing bullish engulfing candlestick patterns

S&P 500 Index Three-Year Weekly Candlestick Chart

There is a high probability that the  S&P 500 Index will test major resistance of 1,370 within the next two weeks. Using the 2% rule, a convincing close of 1,400 for two consecutive days would set-up the index for an upside target of 1,470.

A failed low-volume test of resistance would see the S&P 500 index move into a trading range of  1,350-1,250. And then we will be back to monitoring the major support level of 1,250.

 

Reference the previous analysis of the S&P 500 Index using candlesticks