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TSX Materials: At Major Crossroads?
February 17 ( TradingView, Stockcharts )
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The Canadian TSX Materiials Index ETF - XMA
( iShares S&P/TSX Capped Materials Index ETF ) started to outperform
January 25 2016 the Mighty TSX60 Index ETF - XIU
( iShares S&P/TSX 60 Index ETF ). ( See First Chart Below- Weekly Ratio ).
It was a strong support sign on a relative basis since we had a Triple
Bottom on that Canadian ETF s Ratio taking September 28 2015 week
bottom, the November 23 2015 week bottom and finally the January 25
week bottom as shown by the first chart below ( Amber Trendline ).
One interesting technical factor is that we are testing a Major Weekly Resistance Zone on that ETF s Ratio
(so on a relative basis) that started back since February 2014. ( See First chart below - Red Trendline - Ellipse ).
But the most interesting factor is that we broke a Major Falling Wedge on the TSX Materiials Index ETF - XMA that started back since May 15 2015. ( See Second chart below - Red Trend Line - Ellipse)
And as we are testing the Major Weekly Resistance Zone on that ETF s Ratio (so on a relative basis), the XMA ETF is getting near the 200 DMA ( Day Moving Average ). IF broken, it will be the last call for Bears.
( See Second chart below - Green Line )
TSX Materials: At Major Crossroads? $TSX #Trading #Canada #investing #xma #xiu
XMA ETF ( iShares S&P/TSX Capped Materials Index ETF )
XIU ETF ( iShares S&P/TSX 60 Index ETF )
XMA ETF Dailly Candles
( iShares S&P/TSX Capped Materials Index ETF )
Volume ( Bottom Blue Line )