TECHNICAL ANALYSIS: TSX Moves Higher; Most Sectors Climb; Energy and Industrials Drive Gains

By Staff,

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The TSX returned to its winning form on Monday, led higher by Energy and Industrials. After snapping 12 session winning streak Friday, the commodity heavy index moved back into the black.

Momentum continues to point to higher prices with the MACD (moving average convergence divergence) index printing in positive territory with an upward sloping trajectory. The RSI moved higher with price action reflecting accelerating momentum, but it is printing at 72, which is in overbought territory and could foreshadow a correction.

On Friday, nearly 72% of the stocks in the TSX closed above their 50-day moving average. Over the past 12-months the high percent has been 77%, which was hit just prior to the TSX correcting.

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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