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TSX Financials: Relative Triple Top ?
October 19 ( From Stockcharts, TradingView )
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The Canadian TSX Financials ETF - XFN
( iShares S&P/TSX Capped Financials Index ETF ) started to outperform
February 3 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 30, bringing what is
golden cross technical pattern., a good technical omen...
( See first chart below )
But the most interesting technical factor is that we had 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 price correction into the
Mighty TSX60 Index ETF - XIU as shown by the chart below.
TSX Financials: Relative Triple Top ? $TSX #Trading #Canada #investing #cew #xiu
RATIO ( Top Panel )
XFN ETF ( iSharesS&P/TSX Capped Financials Index ETF )
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 )