Always consider hidden risks
SP TSX60 Index (XIU ETF): 50 DMA Experiment?
February 18 ( 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 ) Bulls need to break that Wedge Resistance for a sustained rally.
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 ). But the most interesting technical factor is that at the same time the 50 DMA was broken on the upside, we are 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 Experiment? $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 )