The outlook for the TSX Composite Index for Wednesday March 30 was for stocks to move higher. The price of oil rose on Wednesday which sent energy stocks higher. As a group the energy sector was up 1.5 percent. Much of the rise was the result of a drop in the US dollar. The Canadian dollar moved higher on Wednesday. As well financial stocks were up 0.6 percent and industrials rose 0.7 percent.
TSX Composite Index Closed Up 77.75 Points
The movement on Friday ended with the TSX Composite Index up 77.75 points but in general the day’s action was not overly bullish. The day opened with a large rally which by 11:00 AM saw the index up to 13575. That brought in sellers who pushed the index down to 13500. This has been the resistance level for several days. A second rally over the lunch hour failed easily and the TSX Composite Index moved below 13500 to start off the afternoon. A third rally managed to push the TSX Composite Index up again to almost 13540. That too failed and the final 40 minutes saw the TSX Composite Index fall back to close at 13,503.98.
At one point, the gain in the TSX Composite Index was up over 148 points. That gain was sliced almost in half by the close as the index fell back over 71 points from its high before closing. Still the TSX Composite Index managed to hold onto the 13500 level, but breaking through it has not been easy.
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