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

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 

The Canadian Technician

When Assets Surge - Using The SCTR

by Greg Schnell

Recently, the market has experienced a Trump Jump on the back of the overnight lows on election day.  Surging forward, anyone who had either pulled back from the market or was caught watching and waiting has seen the $INDU chart up 5 days in a row since the election. But there is more. It seems regardless of the space, some of the moves have been parabolic. For some reason, the airlines have suddenly taken off in time for Thanksgiving. Marijuana legalization was on some of the voter ballots. Canopy Growth Corporation, a legal marijuana growing entity in Canada, has gone Read More 

The Canadian Technician

The US Dollar Races Skyward - Webinar Skim 2016-11-15

by Greg Schnell

For Canadians, one of the most important aspects of our economy is the close relationship we have with our neighbour, the United States. Understanding where the US Dollar is going is a large part of the Canadian investor's landscape. So today, the US Dollar Index ($USD), an index created from a basket of 7 currencies, closed above the highest weekly close in the last two years (red line) but not quite above the intraday highs. So this is a major two year resistance. On Chart 1, relative to the Canadian Dollar ($CDW), the US continues to go Read More 

The Canadian Technician

Cameco (CCO.TO, CCJ) Finds A Bid

by Greg Schnell

Cameco (CCO.TO, CCJ) has been in a downtrend for so long, only the most stubborn investors are still in the stock. This stock is set up for a very interesting turn of events. Looking at the USA ticker (CCJ), the results are similar. A little discussion on the merits of the technical condition is warranted because the stock looks to be on a crash course in a mine shaft. The reason there is some optimism for a trade here is the volume. The last two weeks have seen more than double the average volume on both the Canadian and US side. The MACD has finally turned positive and any Read More 

The Canadian Technician

Is This A Helicopter View Or Cliffside View?

by Greg Schnell

One of the signs of a bull market is when all the indexes are making new highs within a few days of each other. One of the signs of market weakness shows by having different indexes not confirm new highs together. So the question in the title is really asking if we step back, are we on the edge of a market precipice (Cliffside View) or are we just pulling back before resuming the uptrend (Helicopter View)? That's always a good thing to check. Recently, the $TSX hit a new 52-week high, which we would regard as bullish. One of the problems associated with the market right now in the USA is Read More 

The Canadian Technician

What's Holding The $TSX Up? Webinar Skim 2016-11-01

by Greg Schnell

The Toronto Stock Exchange ($TSX) has some worrying technical conditions this week. First of all, on a large 18 month chart, we appear to be breaking the trend line up. It also looks like we have a failed breakout above previous resistance. I have used the lowest slope possible to define the uptrend at this point. The MACD also gave us a sell signal today. Here is a longer view of the $TSX and the Bullish Percent Index ($BPTSE). Just using a simple 40 WMA suggests the market is correcting. We have had 11 sell signals in 12 years. We are very close to Read More 

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