TECHNICAL ANALYSIS: TSX Moves Lower; Most Sectors Down; Negative Momentum Accelerates

By Staff,

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Canadian stocks were lower in mid-day trading, most sectors were down led by Healthcare, but Metals and Mining bucked the trend.

The TSX has generated an outside day on Thursday, were today's high was greater than yesterday's high and today's close is lower than yesterday's low. A lower close would complete the reversal pattern pointing to lower prices.

Additionally, the MACD (moving average convergence divergence) index generated a sell signal. This occurs when the spread (the 12-day moving average minus the 26-day moving average), crosses below the 9-day moving average of the spread. The index moved from positive to negative territory confirming the sell signal.

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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