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Forecasts for Canada's TSX hiked as analysts eye global recovery: Reuters poll By Fergal Smith © Reuters/Mark Blinch FILE PHOTO: A sign board displaying Toronto Stock Exchange stock information is seen in Toronto
By Fergal Smith
TORONTO (Reuters) - Canada's main stock index is expected to extend its record-setting rally this year as a global economic recovery boosts the outlook for the index's heavily weighted financial and resource stocks, a Reuters poll found.
The median forecast in a survey of 24 portfolio managers and strategists was for the S&P/TSX Composite index to rise to 19,650 by the end of 2021, up 7.2% from Tuesday's close of 18,330.09. November's forecast was 18,400.
CanadaTorontoOntarioCanadianLarry-kingManjul-paulIrwin-michaelFergal-smithRicha-rebelloPhilip-peturssonRon-meiselsInternational-monetary-fundThe Globe and Mail Published February 19, 2021 Bookmark
On Sept. 5, 2020 ($14.18), we identified a large, multi-year trading range mostly between $10 and $17 (dashed lines) and suggested that a rise above $16-17 would signal a breakout and the start of a new major up-leg. Following this report, Cameco (Friday’s close $20.92) rose to a high of $16.71 (A), pulled back toward its 40wMA (B) and recently rose to a high of $21.26 to confirm a breakout (C).
Behaviour indicators including the rising 40wMA and the rising trend-line (solid line) confirm the bullish status. There is good support near $15-16; only a sustained decline below this level would be negative.
NoastackCameco-corpStockTechnical-analysisCamecoCameco-stocksMonica-rizkRon-meiselsInvestingInvestment-ideasBreakout