The Canadian Stock Market on Thursday July 21 2016, recovered from the past two days of weakness to move to a new eleven month high.
TSX Composite Index Rises 32.26 Points
The close of the day saw the TSX Composite Index up 32.26 points for a gain of 0.22% to close at 14,565.83, however the day started off more volatile and promising than it closed.
TSX Composite Index Chart – Intraday
The TSX Composite Index Chart intraday today set for 5 minutes, shows the market action. The morning opened with a strong push higher which shoved the TSX Composite Index to above the 14590 level and almost reached the 14600 level. This would have placed the TSX within 22 points of the 52 week high of 14,622.35. However the rally faded after 11:00 AM and sellers took charge.
The market dipped and Canadian equities pulled back to the 14,560 level. They then traded sideways for the remainder of the day. Sellers were content to not sell out of position but buyers were reluctant to push stocks higher. The day ended below the early morning high. However the TSX Composite index is now above the 14500 technical support level.
TSX Composite Index Momentum
Momentum was strongly positive at the start of the morning and then turned negative as the rally faded. The negative momentum was not strong enough to carry into the lunch hour. The remainder of the day, the bias leaned toward positive and momentum closed positive on the day………….the rest of the Canadian Stock Market Outlook for Tomorrow is for members.
TSX Composite Index – Canadian Stock Market Outlook for July 22 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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