FINANCIAL ICEBERG
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TECHNICALS
TSX Banks / Lifeco: Relative Triple Top ?
October 5 ( From Stockcharts, TradingView )
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The Situation
The Canadian TSX Banks / Lifeco ETF - CEW
( iShares Equal Weight Banc & Lifeco ETF ) started to outperform
tremendously since
January 30 2015 the Mighty TSX60 Index ETF - XIU
( iShares S&P/TSX 60 Index ETF ) and the 50 DMA
(Day Moving Average)
turned upward only on March 31. ( See First Chart Below ).
The 50 DMA (Day Moving Average - red line ) on that ETF s RATIO
crossed above the 200 DMA ( Green Line ) on July 7, bringing what is
called a
golden cross technical pattern., a good technical omen...
( See first chart below )
But the most interesting technical factor is that we are near a Triple Top on that ETF s Ratio as shown by the first chart below. ( See first chart below - Ellipses ).
The two previous peaks on that ratio ( End of November 2014 and 2014 ) bring a nasty correction into the
Mighty TSX60 Index ETF - XIU.
TSX Banks / Lifeco: Relative Triple Top ? $TSX #Trading #Canada #investing #cew #xiu
RATIO ( Top Panel )
CEW ETF ( iShares Equal Weight Banc & Lifeco ETF )
over
XIU ETF ( iShares S&P/TSX 60 Index ETF )
7 DMA ( Blue Line )
50 DMA ( Red Line )
200 DMA ( Green Line )
XIU ETF ( Bottom Panel )
( iShares S&P/TSX 60 Index ETF )
Financialiceberg.com
Financialiceberg.com
TSX Small Capitalization Index
Daily Candles
20 DMA ( Yellow Line )
50 DMA ( Red Line )
200 DMA ( Green Line )
