Reverse in trend L.TO

2 nov 2018

Market tried to break through a resistance twice, but was pushed back under it. I predict a bearish downtrend to the support level of 63.00. There is a small support 64.5, but I don't think it wil suffice a considerate pull back, but something to be aware of. Furthermore, trend line crosses price at 66.00, which becomes a second resistance confirmation. SMA 5 crosses SMA 10, and Full Stochastic is breaking down. However, +DI breaks above -DI on ADX(14), but this has happened before already and it has been quickly reversed.

Considering downtrend in S&P/TSX, I wouldn't be surprised if support at 63.00 is broken as well.

Let me know your thoughts.