Tag Archives: support

TSX Index failed at resistance of 14,000

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Will now test support at 13,500 close to the 50-day moving average
TSX Index 3-Year Weekly Chart showing the support level of 13,500.

TSX Index 3-Year Weekly Chart

13,500 was resistance on the way up, so it is now support on the way down. The reversal of roles is an important concept in technical analysis.

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“Technical Analysis is about probabilities.”

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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Apple (AAPL) support zone will be tested after revenue miss

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Intermediate and near-term downtrend for Apple
Apple 3-year weekly chart showing the major support zone. The support zone will be tested after the earnings miss.

Apple 3-Year Weekly Candlestick Chart

The Company also announced that its Board of Directors has authorized an increase of $50 billion to the Company’s program to return capital to shareholders. Under the expanded program, Apple plans to spend a cumulative total of $250 billion of cash by the end of March 2018.

http://www.apple.com/pr/library/2016/04/26Apple-Reports-Second-Quarter-Results.html

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“Technical Analysis is about probabilities.”

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.

© 2016 TradeOnline.ca

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WTI will test major resistance of $45 with $50 in the cards

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So far, April was a good month for the oil bulls
  1. WTI was able to hold major support at $35
  2. Breakout above the 40-week (200-day) moving average
  3. Breakout above resistance of $40
  4. $40  is now the current  support zone
  5. $45 is the current resistance zone
  6. $50 is the intermediate target and major resistance zone
WTI will test resistance around $45

WTI 2-Year Weekly Candlestick Chart

Reference my April 12, 2016 post for WTI.

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“Technical Analysis is about probabilities.”

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.

© 2016 TradeOnline.ca

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Retest for iShares Nasdaq Biotechnology ETF (IBB)

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I published this daily candlestick chart for IBB to highlight a couple of principles in technical analysis. First, the reversal of roles is an important concept in technical analysis. The $270 resistance point is now support. Second, a retest of the breakout point is common before the stock resumes the near-term uptrend. But, these are guidelines. Everything in technical analysis is about probabilities. A break below support of $270 would change the whole technical picture.

IBB Daily Candlestick Chart showing the retest at the $270 support zone.

IBB Daily Candlestick Chart

Reference my chart for the breakout of IBB.

“Technical Analysis is about probabilities.”

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.

© 2016 TradeOnline.ca

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CRB Index long-term chart showing major downtrend

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Long-term chart for the CRB Index showing the major downtrend in commodities. It is below the 2009 low. Where is the bottom?

CRB Index Chart for 2004-2016

https://en.wikipedia.org/wiki/Thomson_Reuters/Jefferies_CRB_Index

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“Technical Analysis is about probabilities.”

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.

© 2016 TradeOnline.ca

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Long-term chart of the TSX and the Dow

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Beginning in 2013, you can see the start of the divergences in the TSX and Dow. In 2015, the divergence accelerated as oil prices collapsed. Major support for the Dow is around 16,000. Major support for the TSX Index is around 12,000.

Comparison of the TSX and the Dow from 2004 to 2016

Comparison of the TSX and the Dow from 2004 to 2016

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“Technical Analysis is about probabilities.”

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.

© 2016 TradeOnline.ca

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West Texas Intermediate daily chart – 35 is major support

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The near-term uptrend for WTI failed at 39 so this is the current reference point for the resistance level. WTI dropped 1.74% today to close at 36.72. The 36 level is a tentative support level that would trigger sell orders if crude breaks below this point. But, the major support level is 35. A Break below 35 would trigger heavy selling and a test of the February lows would come into play.

West Texas Intermediate 5-Month Daily Chart showing major support at 35

West Texas Intermediate 5-Month Daily Chart

Reference my chart analysis for WTI on March 2, 2016 when 35 was major resistance for the near-term uptrend. Because of the reversal of roles, 35 is now major support.

https://en.wikipedia.org/wiki/West_Texas_Intermediate

______________________________

“Technical Analysis is about probabilities.”

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.

© 2016 TradeOnline.ca

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S&P 500 closed today below 1950 and 50-day sma

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S&P 500 5-Month Daily Chart showing the close below the 50-day sma

S&P 500 5-Month Daily Chart

Reference the Feb 17, 2016 post: Dead cat bounce? S&P 500 will test resistance at 1950

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“Technical Analysis is about probabilities.”

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.

© 2016 TradeOnline.ca

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