SXF: Break Lower Cannot Be Ruled Out
Jason Sen | Nov 04, 2013 04:02AM ET
S&P/TSX 60 has good support at 763/762 today. This could hold the downside but a break lower cannot be ruled out, so any longs need stops below 760 for the next support at 755.
Immediate resistance at 769/770 which in fact hold the topside on Friday, but above here look for last week's high of 775 for a selling opportunity. However a break higher targets strong Fibonacci resistance at 779/780 for a second selling opportunity.
Exit longs & try shorts with stops above 784.
Weekly outlook: Turning negative & risking a test of support at 751.
Resistance at 775/780 should hold the topside for a selling opportunity.
TMX Montreal Exchange. SXF Bloomberg code: PTA Index www.m-x.ca.
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