Ottawa Investment Advisor John Bruce

Technical Analysis Report week ending July 10, 2009

July 14, 2009 · Print This Article


  • Ended the week making new lows and closed below 14, 21, 50 and 200 day moving averages. The consolidation that was created in May following the April break out was clearly broken, inviting the opportunity to test the previous March lows. . Relative Strength Index (RSI) is weakening but still has a fair distance it can fall without becoming over sold.


  • The previous week’s reversal continued and drifted lower all week. The 50 day moving average was penetrated and if the 200 day average is broken then a break to new lows is quite probable . The up trend has gone from positive to negative , short- term trend moving lower. Relative Strength Index (RSI) has started to weaken but is still in neutral territory , this market may continue lower without over extending itself. Overall the TSX is not as grim looking as it’s US counterparts.

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

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