TSX, CAC and MIB Forecasts – Global Indices Look Strong in Long Term

TSX Technical Analysis

The TSX in Toronto looks like it is trying to break out above the 33,500 level, which makes a certain amount of sense. It’s been in a strong uptrend for a while, and I have brought that to your attention a couple of times that this is an index that you should be paying attention to.

A fairly weak or normal Canadian dollar instead of a strengthening one has helped the idea of commodities adding more boost to the TSX as well. Keep in mind this is heavily laden by commodity markets, so I like the idea of buying dips as commodities continue to strengthen. The 33,500 Canadian dollar level being broken to the upside opens up a move to the 35,000 level.

CAC Technical Analysis

The Parisian CAC looks like it is a little bit negative right now, but we are building up a case to break out above the 8,400 Euro level and I think it’s probably only a matter of time before we go looking into the 8,500 Euro level. The 8,275 Euro level is an area that is significant support. I do believe that buying on the dip continues to be the way forward here, and I do like Paris, but keep an eye on those luxury brands.

MIB Technical Analysis

The MIB in Italy is strong again during the trading session. We are above the 46,000 level and it certainly looks like we are trying to get to the 47,000 Euro level and beyond.

I do expect a breakout sooner or later, maybe led by financials, we’ll just have to wait and see. The 50-day EMA has offered a nice support line and there’s nothing on this chart that tells me you should be thinking bearish.

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