Saturday, February 28, 2009

$TSX-TC Update for 02.28.2009


Monthly chart shows continued weakness with no buy signal/pattern evident on this timeframe. While February 2009 saw a new lower low, aggressive bulls managed to step into the market and closed it above the key LIS and prior low of 7647.11 No buy signal/pattern evident on this timeframe.

Weekly chart shows last week's trading session resulted in a hammer candle pattern. Is the market hammering in a bottom? If so, how long will it hold? The lower low was made with divergence in the CCI Momentum indicator.

Daily chart shows aggressive bulls stepping back into the market for most of the past week. Will they manage to hold onto this key support and start heading higher? Watch next week's trading sessions for buy signal/pattern. IF the bulls can manage to hang onto support and gain upside traction, THEN look for upside target at the .618 fib level of 8768.43ish. Major resistance remains up at the 9512.71 level.

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