TSX Downtrend In Focus
More downward motion in the stock markets over the past week. There was a lot of good news released during the week but the few misses were enough to scare off investors. I haven’t done any technical analysis on the site here in a while so I thought that with this clear trend downward we should take a look at the TSX chart to see if we can figure anything out.
It will be an interesting coming week because as you can see from the blue lines indicated an upward channel that has tested the top and the bottom but has stayed within this range since mid-September. Now we are testing the lower end of that range so this could mean a confirmation of the trend and a rise sooner. If that’s the case it looks like we could be going towards the orange line at 10,865.
The other thing to look at is the MACD that is strongly in the oversold side of things and has been for at least 2 weeks. This would usually indicate that buyers should be coming back into the market. If we see the support line being confirmed and the MACD moving towards neutral to positive, then we should see a bounce back, otherwise it could be “watch out below!”
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February 1st, 2010 at 9:05 am
I would watch today ATK and MAA. Both have positive news today (MD&A and Chinese joint project)
February 1st, 2010 at 10:07 am
Thanks for the heads up on MAA, Tasamy. I hadn’t been following them as closely since the last deal fell through. This seems like a good news story for MAA
February 1st, 2010 at 5:16 pm
MAA did great today with “2.7M” volume. ATK is going up.
February 1st, 2010 at 11:40 pm
Very big props for MAA! The greatest part is that it wasn’t even just a gap open. Anyone could have made money with that play today
February 2nd, 2010 at 1:13 am
Nice bounce off all support lines today. I’d be nibbling on AHC while it’s pulled back, great upside with so many prime targets. Exploration teams ramping up.
February 2nd, 2010 at 1:59 pm
Great news from WPX today.
February 3rd, 2010 at 2:48 pm
>>I would watch today ATK and MAA. Both have positive news today (MD&A and Chinese joint project)
>>MAA did great today with “2.7M” volume. ATK is going up.
ATK is 24% up today as I expected. That is crazy!
February 7th, 2010 at 3:16 pm
[...] cap, penny stock picks A serious week of ups and downs on the stock market the past week. In a previous post we had talked about bouncing off of support levels which the TSX indeed did and continued upwards [...]