Ottawa Investment Advisor John Bruce

Technical Analysis Report for week ending July 17

July 20, 2009 · Print This Article

DJIA

  • Surged higher to end the week on a very positive note. With earnings coming out and many being positive, the market is responding with beaten down stocks being bought up. The Relative Strength Index (RSI) has moved out of neutral territory and is moving higher. Long-term trend still negative, short-term trend positive .

TSX

  • Buyers reversed the downward momentum and pushed the index above it’s most recent high of 10528. Strength in Energies, Resources and Financials led the move. If the previous high of 10726 is surpassed, momentum could take it to as high as 12000. Long term trend has gone from negative to neutral, short- term trend moving higher. Relative Strength Index (RSI) has started to rise from neutral territory but has not entered over bought level (70+) which is used by bearish traders as a sell signal .

*To find out how Technical Analysis can be used in your portfolio, call John Bruce 866-860-4190.

John S. Bruce
Investment Advisor
Mackie Research Capital
Direct Line- 613-425-3732
Toll Free- 866-860-4190

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