Ottawa Investment Advisor John Bruce

Technical Analysis Report week ending June 26 2009

June 29, 2009 · Print This Article


  • Ended the week lower then previous week and closed below 14 day and 21 day moving averages. Price action is turning negative and there is now concern that the 50 day moving average has been broken and that the Relative Strength Index (RSI) is rising. Prices are going sideways, and the trend is still negative. A close above 8540 is needed or new lows could be made.


  • A choppy ride with a low of 9727 being hit, but managed to reverse and close higher on the the 50 day moving average has become the next level of support . The up trend has gone from negative to positive , short- term trend moving higher. Again it was Energies and Financials that supported the index by week end, and seems to be picking up momentum – Relative Strength Index (RSI) has started to rise but is still in neutral territory , more upside can occur with out over extending itself. The market needs to have more good news to fundamentally support the price action.

*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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