The Canadian Technician

This is an important chart for Canadian and Commodity Investors

Greg Schnell

Greg Schnell

Chief Technical Analyst, Osprey Strategic

One chart for tonight.

THe $TSX is firmly against the resistance of the 200 DMA. A fail here would be significant. Caution is advised.

$TSX 20120214

Remember, the Canadian Dollar, the $TSX, the $SPTEN are heavily influenced by $WTIC,$copper and $HSI.

The $CDW looks weak to me here, the $TSX looks weak here and the energy sector looks weak here.

I don't like copper being down 4 days in a row. $WTIC has some influence from the middle east and $BRENT. When the cold spell in Europe recedes, $BRENT may well recede too. Sometimes $GOLD behaves as a commodity. Especially with a rising $USD. IF that $USD chart is turning up, think about protection..

That red arrow on the right is painfully obvious for technicians.

Good Trading,

 

 

Greg Schnell, CMT

Greg Schnell
About the author: , CMT, MFTA is Chief Technical Analyst at Osprey Strategic specializing in intermarket and commodities analysis. He is also the co-author of Stock Charts For Dummies (Wiley, 2018). Based in Calgary, Greg is a board member of the Canadian Society of Technical Analysts (CSTA) and the chairman of the CSTA Calgary chapter. He is an active member of both the CMT Association and the International Federation of Technical Analysts (IFTA). Learn More