TSX Index decisively broke the 13-month support today (visible in weekly chart) amid the US political turmoil.
In a longer term, a contracting triangle pattern still holds. The all time high 15943 on 2017-02-20 is behind us. The market could be heading to 13000 at the long-term support level.
The upside has to 1.35, lots of room to move after the next break upwards.
The next break will be large as it is hitting previous supply.
Watch this thing move. Buy on the upsloping line. Target 1.35 or higher.
Pretty simple long setup on the weekly. We had a hammer close and RSI (5) shows extreme oversold. We can see a similar candle on the week of June 20th, which then lead to 4 straight green weeks. I don't expect much more downside for #MRU from this point. I have a short term target of 45.15 and 46-48 long term. There is a lot of open interest for the October 16 46...
Pretty clear cut Head & Shoulders pattern here that has now created an interesting buying opportunity. At least for the short term. MRU has now hit the top part of its first support range and bounced off it as convincingly as it did in late June. Interesting setup right now.
Longer term into the end of next year the TSX is attractive for bulls. Currently the index may be as much as 6% over the average analyst year end target. Were the analysts too conservative in their 2016 year end forecast? With the fall historically being bearish for markets and oil, a significant pullback ahead seems reasonable.
S&P/TSX Composite...
Looks to me like we have some healthy consolidation on the chart for this equity. The fundamentals are strong as well, I've visited a number of their properties and they all seem well maintained and the clients appear to be happy with the customer service rendered.
Encana Corp has recently broken a resistance line and a year long downtrend line this year. After being up the past few months, it is continuing to look bullish. It has just had a two month consolidation period and is ready for the next leg up. The price has moved above the 20MA (which it respected during the downtrend) and the 50MA. Additionally, the Directional...
According to investing.com, the average of 27 analysts polled in April shows year end target forecast of 13550. Weekly RSI is approaching 60, with the upper weekly bollinger band starting to level off. Technically the chart appears to indicate the price trend is now towards the upper side of the trading range and offering a less attractive 'risk-reward' ratio...
The main Canadian index shows a very nice picture telling us to expect sideways action before another upleg materialize to end the advance from the January low. A very nice rally that is running out of steam pretty much like the US market.
A good target is around the 14K mark. We will keep an eye on it and we think the top is in, we will let you know.
This...
Let's watch carefully for the long trades as of central banks are holding their stimulation neutral, and most of the indexes are in correction. There are no clear direction yet.
Preface
It comes to no surprise that once again the Canadian "too big to fail" manufacturing giant, Bombardier, is suffering against competition due to a low inventory turnover ratio and a CSeries line of Jets that just isn't selling. In their last quarterly report Bombardier made no recognition in the notes to the financial statements of the fact that...
NGAS Natural Gas Pitchfork Break Down
Natural Gas price has broken down out of its pitchfork channel from the peak of $3.1
Charting further test of support levels at 2.534, 2.471 and 2.437
I'm currently long and will be looking to reduce the average cost of my position by short selling.
PAINTED PONY PETROLEUM (TSX:PPY) has crossed it's recent DownTrend.
It basically cycles and may reach resistance at previous High indicated on the chart.
Current chart indicators look POSITIVE.
