Always consider hidden risks
SP TSX60 Index (XIU ETF): At Crossroads?
March 2 2016 ( From TradingView )
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But one interesting technical factor is that the SP TSX60 Composite Index ( XIU ETF ) broke on the upside the 50 DMA ( Day Moving Average ) on February 17, a good sign indeed. (See Chart Below - Top Panel - Red Line - Ellipse ).
The SP TSX60 Composite Index ( XIU ETF ) is still trading within a Falling Wedge Pattern that started back since October 16 2014.We did have a false break down in Mid-January and a strong dead cat bounce followed... ( See 1rst Chart Below - Top Panel - Red Trendline )
We are now testing the Resistance of that Wedge at 19.30.
Bulls need to break that Wedge Resistance for a sustained rally.
But the most interesting technical factor is that at the same time we are testing the Resistance of that Falling Wedge, we already broke the resistance trendline from the PVT indicator ( Price Volume Trend )...
( See Chart Below - Bottom Panel - Amber Trendline - Ellipse ). .
SP TSX60 Index (XIU ETF): At Crossroads? $TSX #Trading #Canada #investing #tsx60
SP TSX 60 Index - XIU ETF ( Daily Candles - Top Panel )
20 DMA ( Yellow Line )
50 DMA ( Blue Line )
200 DMA ( Red Line )
SP TSX 60 Index - XIU ETF PVT ( Bottom Panel )