Canada Stocks Move Higher; Close at 5-year Highs; Momentum Accelerates


Canadian stocks moved higher on Tuesday, touching a fresh 5-year high. Sectors were mixed, with Healthcare and Industrials leading the way higher, but Telecom capped gains.

The TSX pushed through horizontal trend line resistance on Tuesday notching up a new 5-year high and poised to test the highs made in 2007 at 14,701.

Momentum on the TSX is strong as the MACD (moving average convergence divergence index) generated a buy signal. This occurs when the spread (the 12-day moving average minus the 26-day moving average) crosses above the 9-day moving average of the spread. The index moved from negative to positive territory confirming the buy signal.

Osisko Mining Corporation (OSK.TO) was the most active share on the TSX with no fresh stock specific news driving volume. The stock closed unchanged with 8.7 million shares changing hands.

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This article appears in: Investing , Commodities

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