iSHARES CDN TECH ETF - XIT-TC
Monthly chart shows an abc 3 wave pattern into .618 fib retracement level where bulls found resistance and early profit-taking during the last 2 months. Price is currently trading below the prior high and key LIS of $9.12.
Weekly chart shows short term support off the 89sma. No clear buy signal/pattern evident on this timeframe. IF this 3 wave pattern plays out, THEN look for an initial downside target of the .618 retracement level of the last leg up ($7.14)
Daily chart shows that Friday's trading activity resulted in a large bearish engulfing candle pattern. Look for a possible re-test of the current low of $7.83, and possibly a test of $7.57. IF the support at $7.57 not hold,THEN look for lower still.
Sunday, January 27, 2008
iShares Canadian Tech ETF Analysis for 01.27.2008
Posted by TraderZ at 1/27/2008 12:19:00 PM
Labels: XIT-TC
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