TSX Composite Extended Losses, plummeted 163 points or 0.90% to 18,060.26.

2 min read | February 27, 2021 09:46 AM AEDT | By Team Kalkine Media

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TSX Composite Extended Losses, plummeted 163 points or 0.90% to 18,060.26.

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Broader Index of the Toronto Stock Exchange slipped in red territory on Friday as Metals and Mining, Energy and Financials sectors reported weakness. The S&P/TSX Composite Index extended losses of the previous trading day and settled at approximately 163 points or 0.90% to 18,060.26.

The index moved below its immediate support levels of 5-day, 10-day, 20-day simple moving averages (SMAs). However, it managed to trade above its crucial 50-day SMA, which can act as key short-term support level. The index can enter a short-term bearish zone on breaching this support level. The 50-day SMA of the index is at 17,928.39, a crucial watch point for the future.

The leading momentum indicator, Moving Average Convergence Divergence (MACD), is falling and hovering below 9-day SMA signal line. However, the difference between short-length 12-day EMA and 26-day is still positive.

Relative Strength Index (RSI) continued the downward trajectory, with 14-day RSI at 47 – a neutral zone but tilted towards the oversold zone.

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Shares of Canadian Western Bank, Spin Master Corp and Boralex Inc are among the top gainers on the TSX Composite Index and surged 6.8%, 6.4% and 6.2%, respectively.

On the other side, Pretium Resources Inc, Eldorado Gold Corp, and MAG Silver Corp stock are among the major losers on the benchmark index, declining 8.8%, 8.8%, and 8.2%, respectively.

On the Wall Street, benchmark indices traded in mix, with the Dow Jones extending losses of the previous trading sessions and declining by 469.64 points or 1.50% to 30,932.37. The S&P 500 declined 0.47% to 3,811.15 and the Nasdaq Composite index added 0.56% to 13,192.35.

The April Gold contract extended losses on Friday and down 2.62% to US$1,728.80/oz.

The Energy prices also cooled down on Friday, with Brent oil futures traded 1.12% to US$66.13/bbl and American WTI Crude gave up 3.20% to US$62.50/bbl.

Canadian Bond Yield declined by 7.44% to 1.35% and the US Bond Yield also plummeted 8.08% to 1.395%.

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