Always consider hidden risks
SP TSX60 Index (XIU ETF): At Resistance Zone?
July 19 2016 ( From Stockcharts )
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The SP TSX60 Composite Index (XIU ETF) failed to break on June 8 2016
the daily resistance trendline that started back since August 27 2015.
(See First Chart Below - Top Panel - Blue Trendline - Elipse)
Very weak trading volume environment when we tested that daily level.
(See First Chart Below - Top Panel - Blue Area)
Same technical pattern since July 14 2016 as we keep trying to break
that resistance trendline with a weakening trading Volume.
We broke a tiny uptrend channel on the XIU ETF on July 18 2016.
(See First Chart Below - Top Panel - Uptrend Channel) but most importantly we are still above the 200 DMA (Day Moving Average) (See First Chart Below - Top Panel - Green Line)
We observed also that the Price Volume Trend of the SP TSX60 Composite Index (XIU ETF) failed to break the Resistance Trendline. (See First Chart Below - Bottom Panel - Thick Blue Trendline - Ellipse)
But the most interesting technical factor is that we are testing for a third time the Monthly Resistance of a previous Major Breakdown Trendline (that started back since March 2009) for the SP TSX60 Composite Index but failed to break it yet. It could become a significant change for the Canadian Stock Market indeed if broken.
(See Second Chart Below - Thick Red Trendline- Ellipse).
SP TSX60 Index (XIU ETF): At Resistance Zone? $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 )
SP TSX60 Composite Index - XIU ETF