Sunday, November 02, 2008

$TSX-TC Update for 11.02.2008

S&P/TSX INDEX - $TSX-TC

Monthly chart shows the bears have managed to erase more than 62% of all the gains made since the low of October 2002. The index remains well below all the key moving averages, especially the 8ema. No buy signal/pattern evident on this timeframe.

Weekly chart shows short term support was found by the bulls, who managed to close the index higher than its open last week. The index remains below all its key moving averages. No strong buy signal/pattern evident on this timeframe. Price action indicates consolidation/trading range is highly likely.


Daily chart shows initial bulls managed to take the index higher into the close of last week's trading. Current resistance remains at the high made on October 14, 2008. No buy signal/pattern evident on this timeframe as of yet.

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