For FullyInformed members here is the Market Direction Outlook for the Toronto Stock Exchange for Thursday Feb 25 2016.
The outlook for the TSX for Wednesday was for more weakness. The anticipated pullback was deep enough to increase trading volume which advises that some investors bailed out of recent positions. Those must have included the Canadian Bank Stocks which were hammered in the early morning with Royal Bank of Canada stock leading them lower as it fell over 5% after disappointing quarterly results.
Toronto Stock Exchange Declines 23.17 Points
The morning plunge did not last. Instead the TSX followed the big American markets back up when oil’s decline was reversed. By the close the Toronto Stock Exchange was down just 23.17 points for a small loss of 0.18%.
The day’s action can be seen in the chart below. At the outset the market plunged on the back of Saudi Arabia’s negative oil comments on limiting production supply. But by 10:30 it was over and the 12,500 support line had held the market sell-off in check. As oil rose in price so did the TSX. By the close the TSX had recovered 234 lost points for recovery rally of 1.87%.
TSX Market Direction Outlook for Feb 25 2016
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