Always consider hidden risks
TSX Financials: At Technical Crossroads?
June 27 2016 ( TradingView, StockCharts.com )
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The Canadian TSX Financials ETF - XFN
( iShares S&P/TSX Capped Financials Index ETF ) started to under perform tremendously
the April 4 2016 week the Mighty TSX60 Index ETF - XIU ( iShares S&P/TSX 60 Index ETF ).
(See First Chart Below- Daily Ratio).
It is the first time we break on a relative basis (XFN ETF over XIU ETF) a Weekly Major
Support Trendline that started back since the February2 2015 week as shown by the
first chart below. (See First chart below - Grey Trendline - Ellipse).
Since bouncing strongly in the week of February 8 on huge volume, the XFN ETF finally
broke price wise the Major Resistance Trendline from a daily falling wedge that started
back on November 24 2014 week.
We are now back testing that Trendline (now become Support) that Bulls need to protect at all costs.
(See Second chart below - Top Red Trend Line - Ellipse)
And as we broke the support trendline on a relative basis and broke the Major Trendline price wise from that dailly falling wedge, trading Volume rose tremendously on the XFN ETF last Friday. (See Second chart below - Bottom Blue Area Chart - Ellipse)
But most will think that the real battle for Bulls on the XFN ETF will be to break the 200 DMA (Day Moving Average) but in fact having already broken on a relative basis and near breaking that Major Support Trendline that started back in November2014 will have already decide the faith of Canadian Financials. (See Second chart below - Red Trendline - Ellipse)
The Canadian TSX Financials ETF - XFN is definively at Technical Crossroads.
TSX Financials: At Technical Crossroads? $TSX #Trading #Canada #investing #cew #xiu
XFN ETF ( iSharesS&P/TSX Capped Financials Index ETF )
XIU ETF ( iShares S&P/TSX 60 Index ETF )
XFN ETF Daily Candles
( iSharesS&P/TSX Capped Financials Index ETF )
Volume ( Bottom Blue Line )