The outlook for the Canadian Stock Market for Wednesday was for the reversal candlestick to result in a bounce in the TSX Composite Index. However the technical indicators pointed to the anticipated bounce as bound to fail. Instead the news of an OPEC deal on capping production at present levels in an effort to shore up the price of oil pushed the TSX to move higher.
TSX Composite Index Rises 173.39 Points
The TSX started the day strongly but as the S&P turned negative and fell back toward 2150 the TSX gave back the early morning gains. However the news of the OPEC deal sent the TSX back up and the close of 173 points erased much of the past 3 days loss of 238 Points.
TSX Composite Index Chart For Wednesday Sep 28 2016
You can see in the daily monthly chart below the reversal candlestick from yesterday. The past 3 days brought the TSX Composite Index down 238 points to reach the 14500 level. Today’s rally of 173 points retook the $14700 level and erased a lot of the past 3 days decline.
Here is the Canadian Stock Market outlook for Thursday Sep 29 2016 and an update to the TSX Market Direction Portfolio. I have also included 6 stocks I am considering trades in on Thursday……………………..the rest of the Canadian Stock Market Outlook for Tomorrow is for members.
TSX Composite Index – Canadian Stock Market Outlook for Sep 29 2016
FullyInformed Members can log in through this link to read the latest Canadian Stock Market Outlook for tomorrow for the TSX Composite Index or they can sign in to the full members site here. Non-members can join here or review the benefits of a membership.
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