TECHNICAL ANALYSIS: Canadian Stocks Edge Higher; Most Sectors Up; Metals and Mining Drive Gains

By Staff,

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Canadian stocks are slightly higher in afternoon trade. Most sectors are up, with Metals and Mining driving gains. Indeed, the momentum in the sector has remained strong in recent days, as Metals and Mining are up 5.2% for the week.

The S&P/TSX capped Metals and Mining index hit a 15 month high, with the next level of target resistance seen near 942.

Despite the recent increase in the TSX, there are some internals that are pointing to a correction. Nearly 72% of the stocks in the TSX are above their 200-day moving average, done from 90% on May 1, 2014. This decline shows that a few sectors are pushing the index higher, but the majority are stagnating or moving lower.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing Commodities
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