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TSX Financials: My Broken Falling Wedge?
April 18 2016 ( TradingView, StockCharts.com )
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The Canadian TSX Financials ETF - XFN
( iShares S&P/TSX Capped Financials Index ETF ) started to outperform
the February 22 2016 week the Mighty TSX60 Index
ETF - XIU ( iShares S&P/TSX 60 Index ETF ).
(See First Chart Below- Weekly Ratio).
We keep testing and bouncing on a relative basis (XFN ETF over XIU ETF)
a Weekly Major Support Trendline that started back since the February
2 2015 week as shown by the first chart below. (See First chart below - Red 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 weekly falling wedge that started back on November 24 2014 week.(See Second chart below - Top Red Trend Line - Ellipse) And as we tested the support trendline on a relative basis and broke the Major Resistance Trendline price wise from that weekly falling wedge, trading Volume tumbled tremendously on the XFN ETF. (See Second chart below - Bottom Blue Area Chart - Ellipse)
But the real battle for Bulls on the XFN ETF will be to break the Major Resistance Trendline that started back in March 2009. (See Second chart below - Blue Trend Line - Ellipse)
TSX Financials: My Broken Falling Wedge? $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 Weekly Candles
( iSharesS&P/TSX Capped Financials Index ETF )
Volume ( Bottom Blue Line )