Author Archives: Trader

What is the downside risk for the TSX Index?

TSX candlestick chart with support levels
TSX Index candlestick chart with major support levels

TSX Index Three-Year Weekly Chart

The intermediate trend and the near-term trend are both down in the above candlestick chart.

Reference the most recent weekly chart of the TSX Index for September 23, 2011. The TSX Index did not hold the 12,000 support level. The 12,000 level is now resistance on the current chart. The reversal of roles from support to resistance or resistance to support is an important concept in technical analysis.

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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 chart analysis

Bullish Piercing Pattern for the TSX Index
TSX Index cadlestick chart showing a bullish piercing pattern

TSX Index Three-Year Candlestick Chart

We may have a bottom in the recent sell-off but the intermediate trend is still down. A cash position of at least 50% is prudent in this market.

Reference the previous analysis of the TSX Index.

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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.

Precision Drilling (PD:TSX) chart

Bullish Engulfing Pattern on the daily candlestick chart

Precision Drilling chart analysis showing the bullish engulfing pattern

Precision Drilling Candlestick Cahrt

You can see from the chart that the $12.00 level provided support in the recent sell-off.  The bullish engulfing candlestick pattern confirmed the bottom with above-average volume. You now have a stop-loss point at the major support level of $12.00 and you have near-term and intermediate targets.

Precision Drilling is a stock that can be traded and is in a near-term uptrend.

Reference the previous analysis for Precision Drilling.

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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 chart analysis

Intermediate trend is still down for the TSX

TSX Index chart analysis using candlesticks with support and resistance levels identified on the chart

TSX Index Three-Year Weekly Chart

I am still waiting for 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.

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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.

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.