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TSX Materials: Testing Support Trendline?
May 20 2016 ( TradingView, Stockcharts )
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The Canadian TSX Materials Index ETF - XMA ( iShares S&P/TSX Capped Materials Index ETF ) started to outperform tremendously since
January 29 2016 the Mighty TSX60 Index ETF - XIU ( iShares S&P/TSX 60 Index ETF ). ( See First Chart Below- Daily Ratio ).Since we had a breakout on a relative basis (on February 28 2016) that started back since February 2014, ( See First chart below - Red Trendline -
Ellipse ) the outperformance was tremendous on the XMA ETF.But one interesting factor is that we are now testing the Support Trendline on a relative basis of an Uptrend Channel that started back since January 29 2016 on the TSX Materials Index ETF - XMA.
(See First chart below - Uptrend Channel - Ellipse)
And as we are testing the Support Zone on that ETF s Ratio (so on a relative basis), the XMA ETF is also (price wise) at the Support Trendline of an Uptrend Channel. (See Second chart below - Uptrend Channel - Ellipse)IF broken, it will be the last call for Bulls on a short term time zone.
May be the US Dollar behavior will be a must follow to see if that support zone will hold.
TSX Materials: Testing Support Trendline? $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 )