Tuesday, July 31, 2007

TSX at Support, Bullish Percent Looking Good

All Charts Courtesy of StockCharts.com

I'm just quickly going to go over a few charts on the TSX today. The TSX is Canada's main stock index, and it has many resource companies on it, so we want to see it rise when we are holding resource stocks, including gold stocks.

The first chart shows a daily chart of the TSX. I have made some annotations, which probably don't need further explanation.

The second chart is a bullish percent chart of the TSX. I explained how this chart works here. If you observe this chart, you will notice that whenever the RSI dips into oversold territory, a rally tends to develop in the TSX soon after. This is no guarantee that the TSX will rally this time, but I think it puts the odds in our favour.

That's all for the TSX analysis, but I also wanted to mention that I added some new material to this site. I added a search area, which is now available with all my other links. In addition, I added some new links, which I have under the header "Other Great Sites". Finally, I have added a bunch of book and DVD reviews, which you may find interesting.

Thanks again for visiting.

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