TECHNICAL ANALYSIS: Stock Moves Lower; Healthcare Drives Loses; Momentum Turns Negative
Canadian stocks were lower in afternoon trading, most sectors were down led down by Healthcare and Info Tech but Telecom bucked the trend. Support is seen near the 50-day moving average at 14,109 while resistance is seen near the recent high at 14,459.
The technical picture on the TSX has turned negative. Momentum is now pointing down as the MACD (moving average convergence divergence) index generated a sell signal. This occurs as the spread (the 12-day moving average minus the 26-day moving average) crossed below the 9-day moving average of the spread.
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