Breakout for Suncor with two bullish white candlesticks
Suncor Six Month Candlestick Chart
A key point in the above analysis is the reversal of roles from resistance to support. $35.00 was the identified resistance level on the last chart analysis. It is now support.
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.
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.
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.
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.
When you invest, you are playing the odds: there is never a certain win in the markets. At this stage, the odds of a major downside correction outweigh the upside. It is prudent to stay on the sidelines with an above average cash position.
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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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.
The possibility of a double top was raised in the April 14 post.
What is a reasonable trading strategy at this point in the market?
The TSX Index is trading in a near-term consolidation range as indicated on the chart. A neutral trading strategy with an above average cash position would be appropriate. A confirmed break (+2% for two days) above the 12,500 resistance level would be a reason to add cautiously to long positions. A confirmed break below support of 12,000 would be a reason to liquidate longs.
Past posts for the TSX Index provide continuity in the analysis:
Reference the last chart analysis dated Nov 4 for the TSX Index. This chart identified the harami cross candlestick pattern with a tweezers top. You can also review the TSX Index Category for a sequential listing of charts.
The following current articles are picks from the web:
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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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.
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.
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.
Can the price close above the downward sloping trendline?
Royal Bank six-Month Candlestick Chart
Has the stock bottomed at the $44.00 level? In the above chart, the stock price for the Royal Bank declined 27% from an April high of $61.00 to a September low of $44.50 over a six month period. At this point, based on the extent of the decline (over 20%) and the time period (over six months), the odds increase that the stock has bottomed. Also, the low of $44.50 is a 50% retracement of the move from the February, 2009 low of $26.00 (view the 3-year weekly chart) to the high of $62.00 in May, 2010. Chart patterns that indicate a bottom take on more significance: it is all about having the odds in your favor. A candlestick pattern called a hammer is highlighted on the above chart. This pattern indicates a bottom and is followed by a bullish engulfing candlestick.
The key point for this chart analysis of the Royal Bank is that the price must make a significant close above the downward sloping trendline. This will be a confirming factor that the downtrend has ended: this applies to all stocks and indexes. My definition of significant is a 2% penetration of the trendline that holds for at least two days. This will indicate the start of a new uptrend or the start of a consolidation phase.
The next step is to monitor the confirming indicators of volume, on balance volume (OBV) and RSI. The volume should increase with the price move or the move is suspect. Volume measures the force behind the uptrend: an uptrend cannot be maintained without above average volume. The next confirming indicator is OBV and it must confirm the uptrend by trending higher. The last confirming indicator is RSI which must move above 50 and move in the direction of the uptrend.
It is always a good idea to have a grasp of the fundamentals for a company. The following is a summary of the bank earnings from Globe Investor: In order of reporting date, here is the final rundown for the latest earnings from the Canadian banks.
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.
