The TSX-Venture is at a Crucial Juncture

The TSX-Venture has spent the last 6 months putting in a bottoming pattern (ascending triangle) and running into resistance just above the 700 level. However, a breakout could be close at hand…

 

CDNX_Daily

The series of higher lows remains intact and the pullbacks have become shallower. The current pullback is testing the slightly rising 50-day simple moving average and the index could be at a sweet spot before the 5th test of resistance offers a high probability of a breakout.