Always consider hidden risks
SP TSX60 Index (XIU ETF): 50 DMA Rejected ?
February 10 ( From Stockcharts )
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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 ) But one interesting technical factor is that the SP TSX60 Composite Index ( XIU ETF ) tested last week on February 5 the 50 DMA ( Day Moving
Average ) and was rejected violently.
(See Chart Below - Top Panel -Red Line - Ellipse ). But the most interesting technical factor is that at the same time the 50 DMA was rejected, we were testing the resistance trendline from the PVT indicator ( Price Volume Trend )...
( See Chart Below - Bottom Panel -Amber Trendline - Ellipse ). .
SP TSX60 Index (XIU ETF): 50 DMA Rejected ? $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 )