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TSX Index candlestick chart analysis

Spinning top candlestick represents indecision for the TSX Index

TSX Index Chart Analysis

The intermediate trend is still sideways and the near-term trend is up. The spinning top candlestick represents indecision and that about sums up the mood for the TSX Index as it enters the third week of trading for 2012.

Reference last weeks chart analysis for the TSX Index which was also based on the weekly chart.

Relevant articles picked from the Web:

Milestones that will shape the market in 2012 — Financial Post — Jan 13, 2012
Copper neared a four-month high in New York — Financial Post — Jan 17, 2012
Natural gas prices crumble to near 10-year lows — Financial Post — Jan 17, 2012
Dundee acquires Whiterock in hot market for REITs — Globe Investor — Jan 17, 2012
Oil demand falling as recession fears mount — Financial Post — Jan 18, 2012

This gloomy forecast should get you thinking:

World Bank downgrades global outlook — Globe Investor — Jan 17, 2011

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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 analysis using the weekly candlestick chart

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Intermediate trend is sideways for the TSX Index

TSX index chart analysis using the weekly chart. The intermediate trend is sideways with a near-term uptrend. The RSI continues to trade below 50.

TSX Index Three Year Chart

Reference the last chart analysis of the TSX Index: not much has changed.

Key points to ponder from the above chart are:

TSX Index has a negative technical profile
Trading below the 200 day moving average
Major trend is down
Intermediate trend is sideways
Near-term trend is up
Continues to hold support of 11,500
Closed above the 100 day moving average
RSI is below 50

Relevant articles picked from the Web

Four things Canadian businesses are telling the Bank of Canada — Financial Post — Jan 9, 2012
Playing the ‘January effect’ — Financial Post — Jan 9, 2012
Oil service stocks about to enter seasonal strong period — Globe Investor — Jan 9, 2012
Rail traffic boom signals Canada may beat growth outlook — Financial Post — Jan 11, 2012
Self-induced sluggishness — Economist — Jan 7, 2012

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RBC (RY:TSX) candlestick chart analysis

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Near-term uptrend for RBC: Can it break $52.00?

Candlestick chart analysis for the royal Bank of Canada showing the near-term uptrend and major resistance athe the 200-day SMA

RBC Three Year Chart

Chart for the Royal Bank of Canada shows the near-term uptrend with resistance at the 200-day simple moving average of $52.00. If the stock can break and hold above $52.00 for two days, this point will become the new support level. The reversal of roles from resistance to support or support to resistance is an important concept in technical analysis.

Please review my recent charts for RBC:

Two breakaway gaps on the candlestick chart for RBC — Dec 2, 2011
RBC chart analysis showing a bullish shaven head candlestick — Nov 30, 2011
Royal Bank of Canada chart analysis indicates a bottom — Nov 11, 2011

Relevant articles picked from the Web:

Canadian financials downgraded — Financial Post — Jan 5, 2012
Canada’s banks may still be best TSX bet for 2012 — Financial Post — Jan 9, 2012
Desjardins hikes RBC target after IFRS restatement — Globe Investor — Jan 23, 2012

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The main purpose of TradeOnline.ca is a starting point for your own chart analysis. Technical analysis serves as a guidepost in your daily investment analysis and is used in conjunction with fundamental analysis. There is no magic formula for making profits when you trade online in the stock market. We are all students of the market, and one should never give up reviewing and learning the basics. Visit the Advanced Chart Settings and customize BigCharts so you can review different time periods.

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Technical Analysis: TSX Index candlestick chart

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Intermediate trend is sideways for the TSX Index

TSX Index candlestick chart showing the index trading in a lateral trading band with support at 11.500.

TSX Index Three Year Chart

Reference the last chart analysis of the TSX Index based on the daily chart.

Key points from the above chart are:

TSX Index has a negative technical profile
Trading below the 200 day moving average
Major trend is down
Intermediate trend is sideways
Near-term trend is sideways
Continues to hold support of 11,500
RSI is trending down and is below 50

Relevant articles picked from the Web

Closing Bell: Mining, energy issues lead declines on TSX — Financial Post — Dec 28, 2011
BRIC decade ends with record outflows as growth slows — Financial Post — Dec 28, 2011
Here comes another year of trading dangerously — Reuters — Dec 30, 2011
You thought 2011 was tough? — Reuters — Dec 30, 2011
How to play dividend stocks in 2012 — Financial Post — Dec 30, 2011
How to play emerging markets in 2012 — Financial Post — Dec 30, 2011
5 reasons why TFSAs are a smart retirement investment — CBC — Dec 30, 2011

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DJIA daily candlestick chart

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Doji candlestick represents indecision today for the DJIA

Daily candlestick chart for the DJIA showing the near-term resistance level of 12,300.

DJIA Daily Candlestick Charty

The key points from this chart of the Dow Jones Industrial Average is the resistance level of 12,300 and major resistance of 12,800. And we have the near-term uptrend so there is a good chance that the index can break 12,300 which would then become the new support level.

Reference last Friday’s chart analysis for the Dow Jones Industrial Average based on the weekly chart.

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DJIA Index weekly candlestick chart

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Near-term resistance is 12,300 on the weekly chart of the DJIA

Dow Jones Industrial Average

Relevant articles picked from the Web

Wall Street flat as Santa rally falters — Financial Post — Dec 27, 2011
Consumer confidence perks up — Reuters — Dec 27, 2011
Wall St back at Square One, with S&P flat in 2011 — Reuters — Dec 30, 2011

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TSX Index chart analysis: Where is Santa?

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Points to monitor on the TSX daily chart

TSX Index chart analysis based on daily candlesticks. Intermediate trend is sideways and the near-term trend is down. RSI is confirming the near-term downtrend.

TSX Index Six Month Daily Chart

Cash is king in this market.

Reference last weeks analysis of the TSX Index using the weekly chart.

Relevant articles picked from the Web:

Managers sell highest paying dividend stocks — Financial Post — Dec 19, 2011
Manulife downgraded amid reduced outlook for lifecos — Financial Post — Dec 20, 2011
Scotia raises gold outlook, upgrades Barrick — Financial Post — Dec 20, 2011
Why gold has lost its luster — Fortune — Dec 20, 2011
Bond ETFs confuse you? Here’s a simple guide — Globe Investor — Dec 16, 2011
In search of cheap stocks that could rebound — Globe Investor — Dec 20, 2011
Three big risks the world faces in 2012: HSBC — Financial Post — Dec 21, 2011
Where to put your money in 2012 — Financial Post — Dec 23, 2011
Why 2012 may be nothing to look forward to — Financial Post — Dec 23, 2011

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BCE (BCE:TSX) chart analysis

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Chart for BCE tells the story: Trade in the direction of the trend

BCE candlestick chart analysis showing a major uptrend, a intermediate uptrend and an near-term uptrend. On balance volume is confirming the uptrend along with volume and RSI.

BCE (BCE:TSX) Weekly chart

The #1 rule of technical analysis is to always trade in the direction of the trend. And the chart for BCE is a good example why this is a profitable strategy: Just jump aboard the train and enjoy the ride.

Reference the last chart analysis for BCE posted on May 13, 2011.

Relevant articles picked from the Web:

Telcos or pipelines? — Globe Investor — Dec 15, 2011
Telus forecasts growth in 2012 — Financial Post — Dec 16, 2011
Telecom firms under pressure to keep up with smartphone obsession — Globe Investor — Dec 30, 2011

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Spinning top candlestick represents indecision for the TSX Index

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Intermediate trend is sideways for the TSX Index

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Near-term uptrend for RBC: Can it break $52.00?

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Intermediate trend is sideways for the TSX Index

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Doji candlestick represents indecision today for the DJIA

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Near-term resistance is 12,300 on the weekly chart of the DJIA

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Points to monitor on the TSX daily chart

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Chart for BCE tells the story: Trade in the direction of the trend

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