Tag Archives: TSX

TSX Index chart analysis: Negative technical profile

Near-term trend for the TSX Index is down.
TSX Index chart analysis showing support and resistance levels. The RSI has moved below 50.  Negative technical profile for the Canadian market.

TSX Index Three Year Weekly Chart

Reference the last chart analysis for the TSX Index based on the daily chart and the last chart analysis based on the weekly chart.

Key points from the above chart:

  • TSX Index has a negative technical profile
  • Moved below the 200 day simple moving average
  • Near-term trend is down
  • RSI moved below 50 which is the midpoint on a scale

Relevant articles picked from the Web:

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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.

© 2012 TradeOnline.ca

Technical Analysis: TSX Index

TSX Index in a lateral trading band
The TSX Index is still trading in a lateral band between 12,300 and 12,600.  The Relative Strength Index (RSI) has a negative technical profile. The YTD gain of 3.7% pales in comparison to the 12.0% gain for the s&p500.

TSX Index Daily Chart

The TSX Index is still trading in a lateral band between 12,300 and 12,600. The Relative Strength Index (RSI) has a negative technical profile. The YTD gain of 3.7% pales in comparison to the 12.0% gain for the S&P500.

Reference the last chart analysis for the TSX Index.

Relevant articles picked from the Web:

______________________________

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.

© 2012 TradeOnline.ca

Key points to monitor on the TSX Index daily chart

TSX Index in a lateral trading band
TSX Index chart analysis showing key support and resistance levels.

TSX Index Daily Chart

Yes, the TSX Index has a negative technical profile. The intermediate trend is sideways as identified on the above daily candlestick chart. A confirmed break below 12,300 would be a warning to liquidate long positions.

Think about the major sectors in the TSX Index. The materials sector has a negative technical profile. The energy sector has a negative technical profile. Investors are taking money out of the hot REIT sector as rates slowly rise and on the news of subpar Canadian economic indicators. And the utilities are priced to perfection. And the two major telecos — BCE and Telus — had a nice run and are also priced to perfection.  What is left? Some bank stocks like RBC moved upward over the past four months and the Lifecos are coming back from the dead but are still on life support.

Caution is advised especially with the news coming out of China about the actual or perceived slowdown.

Reference the last chart analysis of the TSX Index based on the weekly chart. This is a three year chart with the the 50 day, 100 day and 200 day simple moving averages. The TSX Index is holding just above the 200 day moving average. You will see the golden cross (50 day crossed above the 200 day) on this longer term chart but the the cross is a little tarnished at this stage.

Notice the similarities with the daily chart for copper? Yes, we are a resource based economy.

Relevant articles picked from the Web:

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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.

© 2012 TradeOnline.ca

PetroBakken Energy (PBN:TSX) chart analysis

Breakout for PetroBakken Energy on the daily chart
PetroBakken Energy candlestick chart analysis showing the morning star candlestick pattern.  Two bullish white candlesticks confirmed a breakout at $17.00.  Volume, On Balance Volume and the Relative Strength Indicator are confirming the uptrend.

PetroBakken Energy (PBN:TSX) Candlestick Chart

PetroBakken Energy (PBN:TSX) candlestick chart analysis showing the morning doji star candlestick pattern. And a bullish white candlesticks gaps away from the previous white candlestick with a confirmed breakout at $17.00. Volume, On Balance Volume (OBV) and the Relative Strength Indicator (RSI) are confirming the uptrend.

The morning doji star is a major reversal pattern which called an end to the near-term downtrend that started on February 23. It is comprised of three candlesticks. The first candlestick is the dark tall bearish candlestick that appeared on March 5. The bears were in control at this stage but the volume was relatively light. Then on March 6, a gap appears with a doji (narrow or the same opening and closing) which is the second part of the pattern. Then on March 7, there is another gap and a tall white candlestick associated with above average volume. The reversal pattern is now completed. This particular morning star formation is rare and would be properly called an abandoned baby. It has two gaps where there is no overlap of the shadows.

You must always be cognizant of the fundamental news for a company and the reaction on the chart. View the following release for the details: PetroBakken Energy Ltd. is pleased to announce our fourth quarter and year-end 2011 financial and operating results.

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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: TSX Index candlestick chart

Harami candlestick pattern for the TSX Index
Harami candlestick pattern on the weekly chart of the TSX Index indicates caution. Monitor support at 12,500.  A confirmed break below support would be a reason to liquidate selected long position.

TSX Index 3 year Weekly Candlestick Chart

I start each trading week with an analysis of the major US and Canadian indexes. A three year weekly candlestick chart is my tool of choice. Three simple moving averages (50 day, 100 day and 200 day) are used to monitor the trend and any crossovers. Volume, On Balance Volume (OBV) and Relative Strength Index (RSI) are used as confirming indicators and to spot divergence.

The harami candlestick pattern identified on the above chart of the TSX Index is similar to the Western inside day. This is not a major reversal pattern but caution is advised. The TSX Index may move into a consolidation range between support and resistance. But a break below support of 12,500 would be reason enough to liquidate selected long position.

Reference last weeks analysis of the TSX Index which highlighted the confirmed breakout above resistance of 12,500.

Relevant articles picked from the Web:

______________________________

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

Confirmed breakout for the TSX Index above 12,500
Confirmed breakout for the TSX Index on the weekly chart.

TSX Index Chart Analysis

Reference last weeks chart analysis for the TSX Index which was also based on the weekly chart.

______________________________

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

TSX Index in a consolidation pattern with resistance at 12,500
TSX Index candlestick chart analysis showing the holding pattern around the 12,500 level.

TSX Index Weekly Chart

I am looking for a confirmed breakout above the resistance level of 12,500. I use both a price filter and time filter to confirm a breakout. In this case, the price filter is +1% and the time filter is two days.

Reference the last chart analysis for the TSX 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.

© 2011 TradeOnline.ca