I’m bearish on the Toronto Stock Exchange (TSX) as of today’s close and will be looking to short it via Canadian ishares (EWC). Precious metals are weighing this index down significantly and I think it’s getting close to having a big price decline.
Looking at the daily we have a lot of room to drop to reach the lower trend line and you can easily spot the distribution that is going on within the index. A break below support shown on the 60 minute chart below would confirm this analysis and would warrant increasing your short exposure. If you view the long term chart below you’ll see a strong trendline going back to the 0p’ bottom that should be closely as we’re just about to test it.
I’ll be opening a position in EWC on intraday strength, somewhere around the $32.50 area.
No comments:
Post a Comment