Ottawa Investment Advisor John Bruce

Technical Analysis Report for week ending July 31

August 4, 2009 · Print This Article

DJIA

  • Ended the week higher than the previous week and closed well above 7, 14 , 21 , and 50 day moving averages. Prices have been rising steadily and have gone back to September 2008 levels . Long-term trend is turning back up and starting to become more positive, however, the ( RSI) is moving up and out of Neutral territory and is starting to enter over bought territory (70+) which is used by bearish traders as a sell signal.

TSX

  • Another strong week and managed to break above resistance set in June at 10726 to close above back at levels not seen since the October sell off . The last two weeks have ended strongly above the 50 week moving average. Long term trend has gone from neutral to positive , short- term trend continuing 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

The opinions, estimates and projections contained herein are those of the author as of the date hereof and are subject to change without notice and may not reflect those of Mackie Research Capital Corporation (“MRCC”). The information and opinions contained herein have been compiled and derived from sources believed to be reliable, but no representation or warranty, expressed or implied, is made as to their accuracy or completeness. Neither the author nor MRCC accepts liability whatsoever for any loss arising from any use of this report or its contents. Information may be available to MRCC which is not reflected herein. This report is not to be construed as an offer to sell or a solicitation for an offer to buy any securities. Member-Canadian Investor Protection Fund / member-fonds canadien de protection des épargnants.

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