The TSX Composite is headed for another test of resistance at 12500. Breakout would signal an advance, offering a target of 13250*. Rising 63-day Twiggs Momentum suggests a primary up-trend. Reversal below 11750 is unlikely but would test primary support at 11200.
* Target calculation: 12500 + ( 12500 – 11750 ) = 13250
I’m quite often wrong with my opinion, but technically to me on the daily chart for the TSX, last weeks candle broken down looks distinctly like a very steep bear flag.
Also having the advantage of the two trading days this week, it looks like price has become very flaccid just below 23.6 resistance level. I’m shorting it here with a very tight stop.