Technical forecast for SXF

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S&P/TSX 60 held a narrow range as we start to look overbought on the daily chart. Risks could be increasing for a sell off on profit taking this week. Support at 724.50 held the downside perfectly yesterday but if we continue lower today we should test 722.20/10 before a buying opportunity at 720/719 at this stage.

Resistance at 728/729 also held the topside perfectly yesterday but above here, 733/734 remains a selling opportunity.

Jason Sen began his career in the options pits on the trading floor of LIFFE in 1987 at the age of 19, making markets on his own account. In 2001 when the trading floor closed he successfully made the transition to day trading on computer screens. Jason always had an interest in technical analysis throughout his trading career but began to study this area in depth from 2006. www.daytradeideas.com has established itself as the leading provider of... More