Are Canadian Banks next to be affected by the financial derivatives mess? Here is an interesting article.
BANK OF MONTREAL - BMO
Monthly chart shows selling pressure the last 4 months. Price is currently now below both the 8ema and the 34ema. The uptrend line that has been in place July 2002 has now been broken, with price trading below it. No buy signal/pattern evident on this timeframe.
Weekly chart shows a double top made into the $67 area resistance. A down trendline is in place. The last move down off the double top shows only 3 waves so far. Could the price action be tracing out a wave 4 consolidation pattern before the next leg lower? Current resistance is at the key LIS and s/r of $55.34.
Daily chart shows short term support off the $52 level. Look for possible test of the $59.23 area high, and consolidation.
Saturday, February 23, 2008
BMO Analysis for 02.23.2008
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