Tag Archives: support

Dow Jones Industrial Average bar chart

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All-time closing high and new support level for the DOW
Chart for the Dow Jones Industrial Average showing the all-time high and the new support level.

DJIA 1-Year Bar Chart

I have penciled in the the new support level of 16,600 for the Dow. This was the previous resistance level and the reversal of roles is an important concept in technical analysis. But always use time and percentage filters to confirm the breakout. On a time basis, if the Dow can hold above 16,600 for two days we have a new support level.

It was a strong day for the Dow in terms of the price action: closed near the high of the day.

On a volume basis, the volume was relatively low on the breakout. This could raise concerns because volume is the fuel that will drive the advance in an index or stock. But volume is not necessary to confirm a downtrend. A stock can fall with it own weight and relatively small volume.

I have concerns with the momentum indicators that I will elaborate on in another post.

As you can see, there is no sure thing in technical analysis. Just assigned probabilities.

Enjoy your trading day. If you don’t enjoy your avocation or vocation, then it is not worth doing.

Reference the last chart analysis for the Dow.

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“Keep it Simple”

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.

Natural Gas 3-Year Chart

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Intermediate downtrend for Natural Gas with support around $4.50
Major uptrend for natural gas with support around $4.50

Natural Gas 3-Year Chart

Major uptrend for natural gas and intermediate downtrend with support around $4.50.

Encana is the big player in this space in the Canadian market. Reference my chart for Encana.

SHORT-TERM ENERGY AND SUMMER FUELS OUTLOOK

 

Percent-of-electricity-generated-from-nonhydro-renewals

About 6.2% of total U.S. electricity supplies in 2013 were generated from nonhydro renewable energy sources such as wind, solar, biomass, and geothermal, up from 5.4% in 2012. But 11 states produced electricity at more than twice the national average from these sources—accounting for between 14% and 32% of their net electric generation—according to preliminary 2013 generation data in EIA's Electric Power Monthly report.

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“Keep it Simple”

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.

TSX Chart Analysis

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TSX Index will test major resistance around 14,300
Major resistance for the TSX is around 14,300

TSX Index 4-Year Weekly Chart

Reference the last chart analysis for the TSX Index.

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“Keep it Simple”

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.

© 2014 TradeOnline.ca

Technical Analysis of S&P 500 Index

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Here are the points to monitor for the S&P 500 Index
Trend line is still holding for the S&P 500 index. Reference the support levels to monitor.

S&P 500 Index Daily Chart

Reference the last sector analysis for the S&P 500 Index.

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“It is not when you buy that counts, it is when you sell”

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.

© 2014 TradeOnline.ca

TSX Index chart analysis

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Intermediate uptrend for the TSX Index
Weekly chart for the TSX Index showing the intermediate uptrend for the Canadian market. Resistance is 14,000 and the next level is the 2011 high around the 14,300 level.

TSX Weekly Chart courtesy of BigCharts.com

Weekly chart for the TSX Index showing the intermediate uptrend for the Canadian market. Resistance is 14,000 and the next level is the 2011 high around the 14,300 level.

Reference my chart analysis from April, 2011 as the TSX Index met resistance at the 14,300 level.

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“It is not when you buy that counts, it is when you sell”

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.

© 2014 TradeOnline.ca

Alcoa (AA) logarithmic chart

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Intermediate uptrend for Alcoa with resistance at $11.00
Weekly chart for Alcoa showing the intermediate uptrend with resistance at $11.00. The chart shows OBV, RSI and volume.

Alcoa 4-Year Weekly Logarithmic Chart courtesy of BigCharts.com

With a 41% gain from the July low and concerns over the top line growth, you would expect profit taking at the $11.00 resistance level.

Reference some excerpts from the fourth quarter release:

Fourth quarter 2013 revenue was $5.6 billion, compared with $5.8 billion sequentially, and $5.9 billion in fourth quarter 2012, as realized aluminum prices declined 1 percent sequentially, and 7 percent year-over-year.

Revenue in 2013 was $23.0 billion, compared to $23.7 billion in 2012 as realized aluminum prices declined 4 percent year-over-year.

In 2014, Alcoa projects global growth in the aerospace (7 percent to 8 percent), automotive (1 percent to 4 percent), packaging (2 percent to 3 percent), and building and construction (4 percent to 6 percent) markets. After a strong 2013, Alcoa projects a steady commercial transportation market (-1 percent to 3 percent), and a decline in the industrial gas turbine market (-8 percent to -12 percent) on lower orders for new gas turbines and spare parts.

Alcoa sees global aluminum demand growth of 7 percent in 2014, after 7 percent growth in 2013.

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“It is not when you buy that counts, it is when you sell”

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.

© 2014 TradeOnline.ca

Precision Drilling candlestick chart

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Back to the support level on the weekly chart
Precision Drilling chart showing the return to the support level.

Precision Drilling 2-Year Weekly chart

On July 28, 2013, I published a chart showing the breakout above the resistance level. This updated weekly chart shows Precision Drilling back to the breakout point which is now the support level. The reversal of roles is an important concept in technical analysis.

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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.

© 2013 TradeOnline.ca

TSX Index chart showing resistance at 12,900

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TSX Index has moved into the old lateral trading range
TSX Index chart analysis showing the near-term uptrend and resistance at 12,900 with support at 12,600.

TSX Index Candlestick Chart

TSX Index chart analysis showing the near-term uptrend and resistance at 12,900 with support at 12,600. The most important points from this chart are the old lateral trading range and the major resistance level of 12,900. Can the TSX break 12,900 before the S&P 500 corrects? There was a feeble attempt on May 22 represented by the shooting star candlestick and a bounce off support the next day. Overall, the TSX index has a weak technical profile.

Reference the last chart analysis for the TSX Index.

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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.

© 2013 TradeOnline.ca