Sunday, July 13, 2008

The Toronto-Dominion Bank Analysis for 07.13.2008


Monthly chart shows increasing selling pressure, with a lower high made May 2008. Price currently below all key moving averages. No buy signal/pattern evident on this timeframe.

Weekly chart better shows the lower high made during the month of May 2008. Bears came out in force this past week, increasing the selling pressure, and taking price back down to its March 2008 low. Pattern suggests continued weakness and downside pressure. First downside target is at $55 and second downside target at $50.40 area.

Daily chart shows bears gapping down the open of Friday's trading session in their haste to exit their positions, with the session closing near its low for the week. Price remains below all key moving averages as well as below the down trendline in place. No buy signal/pattern evident on this timeframe.

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