When we look at today ‘s TSX chart showing all the Toronto stock exchange listings we’re always try to identify patterns so that we can formulate a proper risk profile and make gains by protecting our principle first and allowing trades to flow.
That is what we are showing you today
Looking at the chart below you can see that in 2009 & 2010 there were some substantial rallies that started in August. These are highlighted in blue. Now the most recent august rally in 2011 only went to previous support which then became resistance. This is more important to look at as it’s the most recent and most relevant.
If you look at the chart you can see that the 12k area was support back in May-April and November of last year. Keeping this in mind combined with the most recent August rally we can anticipate that there will be a bounce to the 12k mark to test this resistance.
It seems coincidental that the fifty day moving average will be right there to hold us back.when we get up to that point. This would be a good profit taking area even if you only get seven to ten percent return.
You can also see an upswing in momentum in the MACD and an implied support line in green showing rising support.
So the august seasonal trend, rising MACD and support all point to a small bounce in the TSX in the coming month.
I hope this helps you to identify where to put your stops and where to take your profits. Use this chart to scan through all the Toronto stock exchange listings and find opportunities that will lead to some possible profits.
TSX-Today-toronto-stock-exchange-7.14
Heya excellent blog! Does running a blog like
this require a massive amount work? I’ve no expertise in computer programming however I was hoping to start my own blog soon. Anyway, should you have any ideas or tips for new blog owners please share. I know this is off topic nevertheless I simply had to ask. Appreciate it!
michael obeng reviews recently posted..michael obeng reviews