The technical outlook for the Toronto Stock Exchange for Thursday was for a rebound rally to get underway. The TSX is so oversold it had to bounce even though it took more than a week longer than hoped for and from a much lower level. Still the rally back recovered 183 points and brought the TSX back up to 1405.
Some of the rally though was also caused by the rise in the price of oil. Oil as investors know has been hammered with the rise of the US Dollar. With many analysts now bearish on oil and calling for it to fall below $60 a barrel, we might see a further run-up in oil.
The morning saw the TSX open lower but from the open the TSX began a rebound rally which by shortly before 2:00 PM had reached 14,166.33. The rally was broad-based and steady all day.
Here is the market direction outlook for the TSX for October 17 2014. The rest of this TSX market direction outlook article is for members.
TSX Market Direction Outlook for Oct 17 2014
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