The Canadian Technician

In Depth Review Of Global Market Top Potential

by Greg Schnell

This blog is a little long. But really the charts are big. In summary, look at where the price is currently on a lot of these charts. Lower right, middle right or top right. As well, I have drawn a support resistance line on the chart. Here is the global monthly view of the major markets. So lets start with the $SPX RSI in the top panel. It is coming down out of overbought. Look to the left to see when the markets rolled over relative to the RSI coming out of overbought. Moving down to the Read More 

The Canadian Technician

$TSX Has A Good Month

by Greg Schnell

The $TSX has been the best performer over the last month. It has been awhile since we could say that! You can see I greyed out the $TSX composite. That compares everything to the $TSX. The other main Money choices have under performed the $TSX. In order, the SP500, Money Market, US Treasuries, Canadian Bonds and lastly are the broad commodities. Obviously with the recent bounce in the gold market, that has really helped the $TSX. As well, the oil sector got some support with the crude rise over $100. Read More 

The Canadian Technician

Currencies Test The Trendlines

by Greg Schnell

Today the Euro and the Swiss franc broke above the June highs, while the $USD tested down a little farther under the 2 year trendline. At the close of the US exchanges the Euro and Swissie had migrated back to the June high. But now both charts have set up a higher low and higher high pattern. The $USD index has not made a lower low yet. Obviously currencies trade through the night, so we'll see where they go from here. Now lets look again on the bigger scale. 5 year. We can see most of the charts are at major decision points on the big scale. Read More 

The Canadian Technician

Commodities - Trying To Rally

by Greg Schnell

First of all, let's reload the updated commodity chart covering off today's updates that I hinted at in the $USD blog yesterday. First of all, lets do a high level scan to just see where everything is relative to the 50 DMA. I only see one sector / index below the 50 DMA. That is agriculture. So that is very positive. Almost everything above the 50 DMA. That's a good start. Now, lets look for higher highs and higher lows. The top chart, energy has taken out the April 1 high, so that is bullish. Over Read More 

The Canadian Technician

Decision Time for $USD, $XEU and Commodities

by Greg Schnell

The bearish sentiment in commodities has been a major source of difficulty for the commodity countries of Canada, Australia, Brazil and Russia. No news there. In major bear markets, the market turns optimistic, has a huge rally only to stall again. We only have a couple of things we can use as defence. As technicians, we use trends. The trend of lower highs and lower lows is important to signal a bear market. The trend of higher highs and higher lows to signal a bull market. The trend of higher highs and lower lows signals indecision as does higher lows and lower highs.  Read More 

The Canadian Technician

Precious Metals - Why now?

by Greg Schnell

Back in June, I wrote a series of articles looking at how we might look for a low technically in gold. Also identified in the article  was that trying to find the lows of a stock or commodity are fraught with risk and failure.  Finding the right time to enter a trade is important. Knowing when to take profits or stop losses is also important. While the stockcharts blog is not to tell you exact entries and exits of a stock, it is about trying to demonstrate technical tools to find good buy points on a chart. First of all, to decide how wrong or right a blog writer can be, you Read More 

The Canadian Technician

Using the Cycle line on PerfCharts - The Wayne Gretzky Tool

by Greg Schnell

I recently posted an article about the Canadian sectors showing up as a predefined page on both the CandleGlance view and the sector PerfChart view. I received a reply asking about the cycle line on the perfchart and how to use it. It can be a significant help in pointing us to where the market outperformance will migrate to next. Thus the reference to Wayne Gretzky. He wanted to skate to where the puck was going to be. As investors, we want to do the same and look where the market is likely to be moving to next. First of all, here is a link to the Chartschool article about PerfCharts Read More 

The Canadian Technician

Vancouver - Here We Come ! NYC and Dallas Heads Up!

by Greg Schnell

The SCU101 and SCU 102 courses are on the way to Vancouver.  From the home page, you can see the events scrolling on the right hand side. The locations are shown under the Live Training Seminar banner. Here is the information link. Live Training Seminar. Scroll down and read through the page to see the value of the course material. Lots of long time members really enjoy the information. The site has grown so much, and they have been using the same routine so they miss the new tools on the site.  Some of the 11 year members were shocked how much stuff they were unaware of. In Read More 

The Canadian Technician

Mullen Trucking and Transforce Release The Air Brakes

by Greg Schnell

Mullen had a great week last week. Check out the chart. That is very bullish enthusiasm. The volume soared to almost 3 month highs as the stock broke above a solid resistance range of $23.00 - $23.50.  The target for the measurement of the double bottom would be in the $27.35 range. Take the difference between the lows (19.43 and 19.67, we'll call it 19.50) and the centre of the double bottom at 23.42. This calculates to $23.42 - $19.50 = $3.92. Add $3.92 to the centre peak level of $23.42 = $27.34. Pretty strong even from here. Here is another Read More 

The Canadian Technician

The Nikkei Looks To Be Failing

by Greg Schnell

After a parabolic move of around 100%, the $NIKK has had a small 20% retracement. The question after the retracement is what's next. Let's roll through the $NIKK chart to see what's in the charts. The Nikkei Chart has a few major hurdles ahead. 1) It needs to find a new group of buyers to really give it the thrust. So far they have not shown up. As for volatility, this is volatility in action on a major exchange. In two weeks the chart lost over a 1000 points.  We can see the Read More