The Canadian Technician

Greg Schnell
About the author: , CMT, is a Senior Technical Analyst at StockCharts.com specializing in intermarket and commodities analysis. Based in Calgary, he is a board member of the Canadian Society of Technical Analysts (CSTA) and the chairman of the CSTA Calgary chapter. He is also the author of Stock Charts for Dummies (Wiley, 2018).

Latest Posts

The Canadian Technician

$TSX Continues To Drift Back From The Highs - StockCharts Ratio Charts

by Greg Schnell

Two weeks ago, the $TSX made a big push up to new 52 week highs. The intraday high was 15621. The candles around the high have some interesting traits that should be noted as this might mark a more meaningful top for the next few weeks or months. The market surged above the previous levels of 15400 shown with a red line. The original breakout day saw the $TSX close near the highs of the candle. The final high candle I am referring to has an orange arrow next to it. We can see it pushed higher and closed in the middle of the range which is perfectly normal. The next day, the Read More 

The Canadian Technician

Energy Stocks Pop, Drop, Fizzle, Fizz - Webinar Skim 2017-01-10

by Greg Schnell

The Canadian Energy ETF ( XEG.TO) made one month lows this week with oil just slightly off the highs. Some of the big leaders have started to pull back as well. Seven Generations Energy (VII.TO) is a great example. Some of Canada's other sectors are at critical junctures. The Income Trusts and the REIT's are both checking resistance at the 200 DMA from the bottom side. Failure to get through is a big deal here. Here is the Income Trust Index ($RTCM). Notice the May 2015 test of the 200 DMA from the underside Read More 

The Canadian Technician

Auto Stocks Are Breaking Out Of Bases

by Greg Schnell

The auto sector has been slowly climbing a wall of worry. Donald Trump adding his 140 characters has made everyone look at the auto charts the last few days! But more importantly, the investors are already rolling on these wheels. First of all, the auto sector was one of the worst performing sectors last year. In a big up year (2016) for the markets, the car guys were not being bought. Here is a look across the worst performing industry groups in the US markets. The Autos were down 4.56% in the '% change' column. Automobile parts (-1.71%) and tires (-5.75%) were also in the Read More 

The Canadian Technician

$TSX Struggles At Old Highs

by Greg Schnell

The $TSX is back in the zone of previous highs and is trying to push through. As I have said before, the $TSX has struggled with these levels for 10 years, so getting through won't be easy. The RSI indicator shows that this has run a long way from 30 to 70, and now is making a slightly lower high, while price is considerably higher than the mid-summer high. It doesn't make it a sell, but it suggests we should be aware of the potential for the market to turn as it hosts lower momentum on this run than the August highs. The PPO in the bottom panel is trending up but Read More 

The Canadian Technician

Saputo Starts To Solidify (SAP.TO)

by Greg Schnell

There has been some rotation into more defensive stocks this week, so I thought I would highlight Saputo this week. The chart looks set to deliver more solid gains. Saputo has a big uptrend going, but recently pulled back for about 6 weeks. When investors jumped into Financials in November, they were selling Saputo by looking at the chart. Friday price action is interesting. It gapped open, shot up, then traded near the lows to close out the week. All of the other indicators are giving positive signals. The MACD is turning up, the SCTR is pushing back above 75, the volume doubled Read More 

The Canadian Technician

Canadian Stocks Wiggle Uncomfortably - Webinar Skim 2016-12-13

by Greg Schnell

Well, another year of Fed meetings and another December 0.25% rate increase with predictions for a more aggressive pace next year. So in a day where we got what we expected why did the market wobble this time? At the last Fed meeting (October), we got what we expected and it marked the November low in the markets and the US Dollar. Zooming in on the $TSX and the Canadian Dollar, both got rocked today. Adding on the downward pressure, the price of oil (USO) looks like a failed breakout and now it has broken the uptrend. A double negative? Lastly, Gold (GLD) starting drilling Read More 

The Canadian Technician

Is There A Turn Coming In These Markets?

by Greg Schnell

The market has been on a tremendous run. In Canada, the Energy sector has picked up the leadership and surged again today. The RSI suggests we are getting close to an extreme. This can still run for many months, but you need to look for selling opportunities to lock in profits and rotate into something else that might have some big upside. After a steely run getting everyone long in the market, its always prudent to see if any rotation is occuring.  Notice the 2-day performance of the Canadian sectors. The defensive sectors on the right are starting Read More 

The Canadian Technician

Pipeline Approvals And The OPEC Meeting Take A Chill Off Energy

by Greg Schnell

The Canadian Energy sector got a major boost on Tuesday. The Canadian government allowed two existing pipelines to be upgraded but blocked the new pipe proposal from Enbridge. This announcement coincided with the OPEC meeting. This has created a significant move in the Canadian energy sector stocks. The leaders list on the home page is dominated by energy related stocks. At this time, we are still awaiting the OPEC formal typed up announcement as the rumours are driving the move in crude oil. The sudden surge today really changes the Read More 

The Canadian Technician

Knight Therapeutics Sees Daylight (GUD.TO)

by Greg Schnell

Knight Therapeutics (GUD.TO) has broken out to new all time highs since its 2014 IPO. Why is this important? Well any investor currently holding the stock is in a profit position. This means they are less likely to sell their winners.  Secondly, the price action has pushed the SCTR ranking to 92 in November. The MACD looks to be pushing to new 18-month highs which suggests the momentum is better than it has been in a long time. There have been lots of above average green volume candles in the last 3 weeks (Zoombox) suggesting that the interest level is picking up. Also Read More 

The Canadian Technician

Agrium (AGU.TO, AGU) Starts to Climb

by Greg Schnell

Agrium (AGU.TO, AGU) recently announced a merger with Potash Corp. (POT.TO, POT). The merger is expected to be completed by mid 2017. Looking through the stocks in the fertilizer industry group, there are some positive signs showing up. Agrium's US chart (AGU) looks almost as bullish. Potash Corp (POT) will be merging so I am reluctant to place too much value on the chart shape. But the SCTR ranking suggests this is becoming a top performer. Here is CF Industries (CF) which got Tom Bowley's attention on the Read More 

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