Friday, March 21, 2008

Top 10 of the TSX


Suncor's looking like it's hit some downward resistance from it's big drop and bigger recovery today.  Looks like a $92-$100 trading range, with a nice bounce going forward.  Currently sitting at $95 so the pendulum could tilt either way.


Manulife looks a bit frightening... if the bottom drops out of $34 support level it's hard to say where it goes.  It did recover a bit from the insurance sector drop last week.  Upside is $38-$40.  Probably going to stay range-bound for a bit.


Royal Bank is another one with a long way to go down if the bottom drops out. A fairly decent recovery today up to $46.68 is much better than a couple days ago, where the low was $42.82.  Looks to be stable around the $43 range.  Upside could be $51.


RIMM looks strong.  Upside to $112.  Downside to $94.  Closed in strength at $104.94.  Watch for weakness Monday.


Encana was fairly flat today and probably hit some resistance against the resources/energy selloff.  With a floor of $70 and a close of $75.71, there appears to still be some upside. Perhaps back up to $78 or above?  Or did it peak last week and it's all downhill from here.

Hoping it is, only because the resources and commodities sector is too hot to maintain a stable global economic environment.  Something needs to give.


Looking for more downside in TD, $56 - $58 range, appears to be resistance at $58.  Currently $61.29.  Upside potential could be much greater than downside, especially if something happens with the CBH deal.  Upside could be anywhere from $70-$75.


BNS has an ugly chart. 'nuff said.  Head and shoulders on a P&F chart?  It is at lows, so popping back up to the $48 mark would give some decent upside potential.  Currently $44.18.


Potash is at resistance levels around $138.  Still kicking myself for not buying it at $86 a couple of years ago before the split.  Could bounce to $162.  $147.57 current.  Down 6.68%. 


CNR is above bottom resistance at $48.67, resistance around $46, upside around $52-$53.  I'm in Monday on CNR I think.  Need someplace to park cash for a bit.


Barrick, blech.  Down 20% today.  I'm a buyer Monday... not.  Seriously though, short covering Monday will probably bring it back to the $46-$48 range if things don't continue to deteriorate with the price of gold.  When it rains it pours in commodities, so the downside for gold has got to be the $820/oz range. 


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