The Canadian Technician

Canada Breaks Below The Long Term Trend Line ($TSX)

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Canada broke to two-year lows this week and now the long term trend line has been broken. From a technical perspective, this is a very important signal. Previous weekly pushes down did not close the week below the trend line. This week this is in jeopardy at the time of writing.

Canadian investors should also note that this will be the lowest close in two years. The chart in the bottom shows the Canadian market underperforming the US market as well.

Good trading,
Greg Schnell, CMT

Announcement from the Author

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Greg Schnell
About the author: , CMT, is a Senior Technical Analyst at StockCharts.com specializing in intermarket and commodities analysis. Based in Calgary, he 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 Market Technicians Association (MTA) and the International Federation of Technical Analysts (IFTA).

Greg is also the co-author of Stock Charts for Dummies (Wiley, 2018). Greg joined StockCharts.com in 2012 and has be instrumental in helping launch a variety of new blogs and other commentary platforms. Presently, Greg contributes market analysis commentary to The Canadian Technician, Commodities Countdown and Don't Ignore This Chart blogs. Learn More
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