Sunday, January 11, 2009

$TSX-TC Update for 01.11.2009


Monthly chart shows market remains well below all its key moving averages. No long term buy signal/pattern evident on this timeframe.

Weekly chart shows the bulls managed to take the index up above its 8ema. Despite the strong support down below, the bulls have not managed to make much progress in the seven weeks since the November 2008 was made. Looks more and more likely to be corrective move and consolidation/trading range is in place.

Daily chart shows the bulls have managed to take the 8ema across and over the 34ema and the 50sma. Can the bulls manage to maintain the upside momentum?

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