The outlook for the Toronto Stock Exchange for Thursday was for stocks to remain weak but try to rebound off the Lower Bollinger Band. This is what happened during the day but not before the Toronto Stock Exchange broke through the Lower Bollinger Band and headed further down.
TSX Intraday One Minute Chart
In the TSX intraday one minute chart below you can see that at the outset the market fell back to 15,434. A rally back pushed the TSX right back to the morning opening high but not higher. This actually ended up being the day’s high. From there stocks fell even further bottoming at 15,422.47 which is within 22 points of the 540 day simple moving average (SMA). Another rally back failed and the market drifts lower and then sideways but did not break back down to 15422.
With stocks rallying higher in New York, investors started buying in the TSX and pushed the TSX into a small positive gain into the close.
The rest of this TSX market direction outlook article is for members.
TSX Market Direction Outlook for Sept 19 2014
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