Technical forecast for SXF

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S&P/TSX 60 bounced from support at the 100 day moving average at 711.80 to beat resistance at 719/720. If we can hold above here now look for a retest of yesterday’s high at 722 before resistance at 724/725. Short term outlook is more positive as we recover from an oversold position & so a break higher could then target 728/729.

Support at the 200 & 100 day moving average at 713-711.60 then Fibonacci support at 710.30 & we should see a buying opportunity within this area.

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