Always consider hidden risks
TSX Financials:  Critical Relative Support zone ?
 February 24 2016 ( TradingView  )
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The Situation

The Canadian TSX Financials ETF - XFN
​( iShares S&P/TSX Capped Financials Index ETF ) started to underperform ​​
​tremendously since ​​January 18 2016​ ​​the Mighty TSX60 Index ETF - XIU
​( iShares ​S&P/TSX 60 Index ETF  ). ​​( See First Chart Below- Weekly Ratio ).

​​​​​​It was a strong rejection on a relative basis since we had a Triple Top
​on that Canadian ​ETF s Ratio ​​taking November 9 2015 week peak, the
December 7 2015 week peak and finally the January 11 week peak​ as
​shown by ​the ​​first ​​chart ​below.

​​​​​​One interesting technical factor is that we are testing a Major Support Zone on that ETF s Ratio ​​(so on a relative basis) as shown by ​the ​​chart ​below. ( See First chart below - Red Trendline -  Ellipse ).

But the most interesting factor is that ​we are now back near the Major Support Trendline from the previous break out that started back on April 4 2011 week. ​It looks like a dead cat bounce as unable to break the resistance trendlinethat started back on the November 30 2015 week. 
( See Second chart below - Red Trend Line - Ellipse)

​​And as we tested the support trendline on a relative basis and near the Major Resistance Trendline price wise from the previous break out, trading Volume tumbled tremendously as we reached the lowest weekly volume on the XFN ETFs since the end of 2015!  ​( See Second chart below - Bottom Blue Area Chart - Ellipse)


TSX Financials: Critical Relative Support zone ?     $TSX  #Trading #Canada  #investing  #cew #xiu
Weekly RATIO
​XFN ETF ( iSharesS&P/TSX Capped Financials Index ETF   ) 
XIU ETF ( iShares S&P/TSX 60 Index ETF )​
XFN ETF Weekly Candles
​( iSharesS&P/TSX Capped Financials Index ETF )
Volume ( Bottom Blue Line )​