Tag Archives: resistance

Precision Drilling (PD:TSX) chart analysis

Can Precision Drilling maintain the near-term uptrend?
Candlestick chart analysis for Precision Drilling (PD:TSX) showing the near-term uptrend  with support and resistance levels.

Precision Drilling Candlestick chart

Reference the last chart analysis for Precision Drilling.

Precision Drilling Corporation (“Precision”) intends to release its 2011 third quarter results
before the market opens on Friday, October 21, 2011 and has scheduled a conference call and
webcast to begin promptly at 12:00 Noon MT (2:00 p.m. ET) on the same day.

FP article dated Oct 21, 2011: Precision Drilling earnings surge 48%

Update Friday, Oct 21, 2011: Stock sold-off to the $11.00 level as indicated by a bearish engulfing pattern on the daily chart: sold into the news of the earnings release. Traders who bought the stock at the beginning of the month took profits on the gain from $8.00 to $12.00: a nice profit of 50%.

Update Monday, Oct 24, 2011: Precision Drilling closed at $11.87 today.  The stock pattern may indicate that it will ease into a lateral band between $11.00 and $12.00.  A close above the $12.00 resistance level for two days would be a sign to add to long positions with an intermediate target of $15.00.  If the stock cannot hold the $11.00 level, it would be a sign to liquidate longs.

Update Monday, Oct 31, 2011: Precision Drilling closed at $11.56 today. A tall bearish candlestick (daily candlestick chart) after two spinning tops is not a good omen. Another negative factor is the above average volume today on the sell-off. If the stock cannot hold support at $11.00, the next major test would be the 50% retracement level of around $10.00.

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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.

© 2011 TradeOnline.ca

Candlestick chart analysis for the S&P 500 Index

S&P 500 Index in a lateral trading band
Candlestick chart for the S&P 500 index showing support and resistance levels.  The index is trading in a lateral tranding band.

S&P 500 Index Weekly Candlestick Chart

Reference the last candlestick chart analysis for the S&P 500 Index.

Have you tried the advanced chart settings for BigCharts?

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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.

© 2011 TradeOnline.ca

Technical analysis for the TSX index

Critical support levels for the TSX Index

Technical analysis for the TSX Index using a three year candlestick chart highlighting major support and resistance levels

TSX Index Three-Year Weekly Candlestick Chart

The support level of 11,000 to 10,900 is based on a Fibonacci Retracement of 50% of the move from the March, 2009 low of 7500 to the April, 2011 high of 14,300. And it is also near the July, 2010 low of 11,065. This is a major support level!

The final support level of 10,000 is based on a Fibonacci Retracement of 61.8% of the move from the March, 2009 low of 7500 to the April, 2011 high of 14,300.

Please reference the previous chart 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.

© 2011 TradeOnline.ca

TSX Index candlestick chart analysis

Spinning Top candlestick for the TSX Index
TSX index candlestick chart showing support and resistance with a spinning top candlestick in a lateral trading band

TSX Index Three-Year Weekly Candlestick Chart

The intermediate trend is down and the near-term trend is sideways: cash is king at this stage in the market. I am monitoring the support and resistance levels as indicated in the above chart. A break below the support level of 12,000 would be an indication to liquidate more of your long positions.

Reference the last chart analysis for the TSX index.

Reference this chart if the TSX Index cannot hold support at 12,000: What is the downside risk for the TSX?

Interesting Financial Post article: The period of seasonal strength in the technology sector is approaching. What can investors expect this year?

What do you think of this article from the Globe and Mail: Sideways market can bring decent returns.

Sept 23, 2011 article, MarketWatch: Copper, coal: crystal balls for the global economy Commodities show gloomy outlook, but are worth a closer look.

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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

Harami Pattern for the TSX Index
Harami candlestick pattern on the weekly chart of the TSX index indicates the TSX could ease into a congestion band between support of 12,000 and resistance of 12,500

Three-Year Weekly Chart for the TSX Index

We may have a bottom in the recent sell-off but the intermediate trend is still down. Cash is king in this market.

Reference the previous analysis of the TSX Index for the downside risk if the index cannot hold the 12,000 and 11,500 support levels.

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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.

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.