TECHNICAL ANALYSIS: TSX Lower For Fourth Straight Day, But Showing Upward Momentum; Most Sectors Down; Metals and Mining Drive Losses
The TSX is nearly 20 points lower and looks set to make it four days of losses in a row. But the index is near session highs and showing some upward momentum in late afternoon trading Friday - which may give hope for a return to positive territory on Monday. Most sectors are down led by Metals and Mining but Telecom and Energy were bucking the trend at last look.
Metals and Mining has dragged on the broader markets most of this week, fueled by losses in Comex Gold. Gold prices fell another US$10 per ounce, generating nearly a $47 dollar per ounce loss for the week.
Support on the broader TSX is seen near the 50-day moving average at 14,496, while resistance is seen near the 41,713.
Short term momentum is turning negative as the 5-day moving average crosses below the 20-day moving average which signifies that a short term down trend is in place.
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