TORONTO STOCK EXCHANGE - $TSX-TC
Monthly chart shows index found initial support off the 34ema. No buy pattern/signal evident on this timeframe.
Weekly chart shows the week ended with some indecision between the bulls and the bears. The bulls found support off a key LIS and managed to close the index above the prior support of 12,463.78. However, the bulls were met with resistance and selling at another small key LIS of 13,190. No clear buy signal/pattern evident on this timeframe.
Daily chart better shows the resistance encountered by the bulls on Friday -- right at a key LIS where "old support becomes new resistance". Friday's trading activity resulted in a doji candle pattern. Look to next week's trading action to give an idea which way the index is head. There is a possible 5 waves up into resistance. IF there are 5 waves, THEN look for a retracement of the last move up. First downside target will be the .618 fib retracement level to look for buying activity. However, the index needs to clear the current resistance in order to go higher; IF the index remains stuck in a trading range, THEN look for a lower low to appear.
Saturday, January 26, 2008
$TSX-TC Update for 01.26.2008
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