Canada: TSX edges lower

The TSX Composite found support at 12600/12650 on the daily chart. Breakout above 12800 would signal a fresh advance, while reversal below 12600 would warn of a correction. Expect support at 12500 and a 21-day Twiggs Money Flow trough at zero would indicate medium-term buying pressure. Rising troughs on 13-week Twiggs Money Flow (not shown) suggest that a base is forming. The long-term target for a breakout above 13000 would be 15000*.

* Target calculation: 13000 + ( 13000 – 11000 ) = 15000