Markets

TECHNICAL ANALYSIS: TSX Tumbles; Most Sectors Lower; Metals and Mining Drives Losses

The TSX is lower in afternoon trading, down near 130 points as it sliced through support near the 20-day moving average at 14,598. Most sectors were lower - bar Telecom - and led by the Metals and Mining stocks.

The next level of target support for the Canadian index is seen near the 50-day moving average at 14,527 - and the TSX is currently down near 14,550. Resistance is seen where former support was, at the 20-day moving average.

Momentum on the currency pair has turned negative as the short term MACD (moving average convergence divergence) index generated a sell signal. This occurs when the spread (the 5-day moving average minus the 13-day moving average) crosses below the 6-day moving average of the spread.

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

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

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