The Canadian Technician

Agrium and Potash start to move..

by Greg Schnell

Here are two agriculture related stocks. Agrium looks very strong, but Potash looks to be breaking through the 40 week MA. Both are on the move. Potash comes to its 40 week MA line. it looks like it is ready to surge higher here. Here's Agrium. Looks like its ready to blow through this 15 month trendline. These are running even while the Euro crisis continues.  Good Trading, Greg Schnell, CMT   Read More 

The Canadian Technician

Can we dip in commodities here? MAYBE JUST MAYBE!

by Greg Schnell

The whole world is trying to figure out if Europe can save the Euro. There are a lot of people trying. That backdrop sucks up all the media time. It's hard to get bullish with the news. But here we sit with the $USD up against a major resistance trendline. If the $USD chart stalled or falls at this level, it should help the commodities or the mineral miners. I don't know if its a new bull market, but if the USD kept falling as it has done 3 previous times at this line, it would be bullish for commodities. So we Read More 

The Canadian Technician

Can we dip in commodities here? MAYBE JUST MAYBE!

by Greg Schnell

The whole world is trying to figure out if Europe can save the Euro. There are a lot of people trying. That backdrop sucks up all the media time. It's hard to get bullish with the news. But here we sit with the $USD up against a major resistance trendline. If the $USD chart stalled or falls at this level, it should help the commodities or the mineral miners. I don't know if its a new bull market, but if the USD kept falling as it has done 3 previous times at this line, it would be bullish for commodities. So we Read More 

The Canadian Technician

What a critical breakdown..here's why

by Greg Schnell

As a technician, we see things as levels of support and resistance. Yesterday's price action made the summersolstice the longest day for equity traders as well as the price just continually declined all day. Crude oil continued to decline and lost $5 in 2 days. But more important than having a bad day, it was where on the charts the market had a bad day that makes it so disappointing. We appear to be setting up for a multi year top. Monday I was getting more bullish, the price action across the globe has dramatically influenced my hopes for a new bull. It looks like we'll muddle around Read More 

The Canadian Technician

The Miners look early but interesting here

by Greg Schnell

The stocks of the diversified miners have been beaten as we have discussed. I like the look of the Shanghai market starting to build a nice uptrend since January 2012. The seasonality for materials kicks in for July. Are you ready? The Chinese market has been downtrending since July 2009. I am starting to embrace the price action of the Shanghai composite and we should see that translate into the materials stocks once again. In this volatile climate stops should be relatively tight! Good trading, Greg Schnell, CMT Read More 

The Canadian Technician

The Oil service companies for the Calgary oil show

by Greg Schnell

Check out this dashboard of service companies Notice how stong Savanna is as well as Canyon..The others are still sloping down. Time to start entering  a trade here? Well if it is, stops must be entered. These massive swings make it hard to hold the trade. Seasonality is positive for the oils and related stocks is early July as per Brooke Thackray. Good trading, Greg Schnell, CMT Read More 

The Canadian Technician

The Stallions of Technical Analysis talking to you!!!!

by Greg Schnell

September 9, 10 and 11, 2012 are shaping up to be hosts to one of the premier technical conferences in 2012.  2012 Banff Commodities Conference From the wisdom that age brings to the aggression of youth, Banff Canada will be host to some of the greatest technicians in the world. Ralph Acampora of Altaira might be one of the greatest technicans of the last half century. Jordan Kotick might be the youngest technician to spend time on the news networks sharing his analysis. Martin Pring is one of the world's greatest technicans who even has a Read More 

The Canadian Technician

Crude is at an important level - be very aware!

by Greg Schnell

$WTIC has just moved below a 10 year relative strength trendline. Gold, Copper*, and the CRB all have broken below. Gold and oil are still at a level that if they reversed the downtrend and rocketed higher, we could say the uptrend is intact. So the $TSX, Gold and Oil  have to start outperforming the $SPX right here and now. My belief is that the highs are already in for oil in this business cycle and this next move will be a move back up to around $100. The real important thing is if oil continues to lose this relative strength trendline. The money has left the oil patch and Read More 

The Canadian Technician

$TSX SPURS breaks out! YAHOO!!!!!!!!

by Greg Schnell

The $TSX finally caught a bid after a nasty downdraft. This is an excellent move today confirming a push higher. The divergence on the MACD and RSI are very strong. Friday's low looks to be the end of the recent push down.  Most importantly, the $TSX is outperforming the $SPX as shown by the purple area behind the RSI. My stock market indicators flipped to a buy signal after market close last night. We'll ride it until we can not! FInally! Good Trading, Greg Schnell, CMT Read More 

The Canadian Technician

Gold miners index is giving multiple buy signals..

by Greg Schnell

The $BPGDM index is giving multiple buy signals. Starting at the top, the RSI for the index is going above 70. thats bullish. The purple shaded area (SPURS) has broken a downtrend. That's bullish ! The crossing of the index above the 8 ema is bullish. But finally a parabolic sars buy signal occured today. Just to confirm it all, the MACD moved into positive territory.  Put money in and forget the stop? Definitely Not!!! We are in an unprecedented period of government intervention in the markets globally. Make sure you are protected against Read More 

The Canadian Technician

TD Bank - lands on the shelf

by Greg Schnell

TD Bank is very interesting here. Look at it sitting on shelf support here. TD bank just reported earnings. You can see it continues to make lower lows evey week even after a solid quarter. Fundamentals of a solid quarter? Whatever, lets talk technicals.  TD bank had a beautiful series of higher highs and higher lows until October / November 2011. It briefly broke below $70.65 and failed to hold above $69.36. TD pulled back just a little more than 20% before reversing to the upside with the LTRO rally. Well, a few things happened that technically damaged this chart. The Read More 

The Canadian Technician

$LUMBER---or as the loggers say...TIMBER-R-R-R

by Greg Schnell

Here is the PnF chart for lumber. A new sell signal.You can see this is a failed triple top breakout. If you look back to the left at $282.49-$285.32 you'll see that was a support level in 2010. Then in 2011 early 2012, the price stalled at this $280.00 level on 4 previous occasions. We recently broke above but it is now a failed breakout. When a tree fails(falls) in the forest, does anybody care? Good Trading, Greg Schnell, CMT.   Read More