iSHARES CDN FINANCIAL ETF - XFN-TC
Monthly chart shows small double top made and the up trendline has been broken. Price is currently trading below the key LIS and prior resistance of $50.00. No buy signal/pattern evident on this timeframe.
Weekly chart shows early buyers stepping back into market at the $45 support level, but the early bulls found resistance and profit-taking as they headed towards a small LIS and prior support near the $50 area - now "old support becomes new resistance". Price on this timeframe remains below the down trendline in place, and below the 8ema. No clear buy pattern/signal evident. Look for possible consolidation/trading range before next direction is known.
Daily chart shows profit-taking on Thursday and Friday of last week. IF the low holds, THEN look for buy signal/pattern to develop to confirm more upside potential. Since there is no buy signal as of yet, the bias remains to the downside for the time being.
Sunday, January 27, 2008
iShares Canadian Financial ETF Analysis for 01.27.2008
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