Sunday, February 15, 2009

$TSX-TC Update for 02.15.2009

Monthly chart continues to look weak, as the index remains well below all key moving averages on this timeframe. While the key LIS (old resistance becomes new support) is holding, the bulls just can't seem to get enough traction to take the market any higher than the high made earlier this year. No buy signal/pattern evident on this timeframe.
Weekly chart shows the index to be stuck in consolidation/trading range. Look for eventual break of this range and continuation lower.

Daily chart better shows the consolidation pattern being traced out by the price action. Short term sell signal in place. Head and shoulders reversal pattern evident on this timeframe. Look for break of the Neckline and continuation lower to downside target(s) 1 and 2.

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