Our analysis is based on long term trends, and if they are promissing, short term analysis. First, we view the
3 year weekly charts, followed by a 1 year daily chart. This analysis allows you to view the larger picture and trend,
rather than just looking at a short term prospective. This way, you can use short term volatilty to your advantage, if the
long term trend is positive.
You will see a summery of the stock we are analyzing, followed by the 3 year and 1 year charts. At the end, you will see a technical analysis summery. That's it,
to the point technical stock market analysis daily!
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Technical Analysis for April 12 2006
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| STOCK: TSX INDEX |
WEBSITE: |
| CURRENT PRICE: 12,177 |
TREND: INTERMEDIATE DOWN TREND |
| TARGET PRICE: N/A |
RECOMMENDATION: TAKE PROFITS |
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Long Term Chart (Weekly 3yr) - To view the bigger picture
Charts Courtesy of StockCharts.com
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Short Term Chart (Daily 1yr) - Where to take a position
Charts Courtesy of StockCharts.com
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TSX Technical Analysis
Yesterday we took a look at the DOW index, and today we’ll focus our attention north of the border, and look at the Toronto Stock Exchange. Both averages seem like they are following the same pattern, with profit taking as the main focus in todays market. Taking a look at the long term chart, you can see the steady rise in the index, with no meaningful correction this year. The trend line suggests a possible break below 12000, with the low of about 11500, which is a correction just over 5.5%. This up trend has shown signs of losing steam for some time now, as the MACD has been heading down, the price has been going up. With the lack of confirmation from this indicator, we believe the consolidation phase during the next few weeks began yesterday. The STOCHs on this long term chart is also heading down, another indicator that things are ready to take a break from here. Focusing on the short term chart, you can see how the price has held its 50 day average pretty nicely, and this level should be watched, but we believe it will be breached temporarily during this consolidation phase. Both indicators, the MACD and the RSI are also heading down from here, adding further confirmation to our beliefs.
Bottom line, the bull market may not be over, but the indexes are ready to take a break here, both in the US and Canada.
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