(Needs the Split Layout in 2 pages.) for the two indices to appear...
Euro Stoxx Banks 600 Index Vs KBW Bank Index
With the recent Portuguese Banking sector problems and fears resurfacing, as a confirmation, EURO Banks Index has broken down from a 7 month rising wedge formation, recently rejected on a diagonal support, holding the price under the wedge resistance break_line, channel median line and 200 sma(needs to recover above this resistance to invalidate), could project to 38.2% retracement, support on main channel. RSI bearish divergence indicated, and a bit oversold.
For a relative comparison, there is a blue shade Overlay of the BKX Bank Index. Could the Index play catch up ?
KBW Bank Index (BKX)
Head and shoulders formation ( unconfirmed ), showing two possible supports ( neckline B meeting the 2011
down_channel support ). Breaking down the supports A(strong 50 and 100 sma convergence confluence) and B, price could project to 63 break_line support, potential 38.2% retracement, H&S target projection, diagonal support.
MACD has turned down. A rise above recent high at 72.56(red line), channel median line, needed, invalidates any follow
through(catch up) alert, and gives some support/confidence on the banking index going forward.
Euro Stoxx Banks 600 Index Vs KBW Bank Index
With the recent Portuguese Banking sector problems and fears resurfacing, as a confirmation, EURO Banks Index has broken down from a 7 month rising wedge formation, recently rejected on a diagonal support, holding the price under the wedge resistance break_line, channel median line and 200 sma(needs to recover above this resistance to invalidate), could project to 38.2% retracement, support on main channel. RSI bearish divergence indicated, and a bit oversold.
For a relative comparison, there is a blue shade Overlay of the BKX Bank Index. Could the Index play catch up ?
KBW Bank Index (BKX)
Head and shoulders formation ( unconfirmed ), showing two possible supports ( neckline B meeting the 2011
down_channel support ). Breaking down the supports A(strong 50 and 100 sma convergence confluence) and B, price could project to 63 break_line support, potential 38.2% retracement, H&S target projection, diagonal support.
MACD has turned down. A rise above recent high at 72.56(red line), channel median line, needed, invalidates any follow
through(catch up) alert, and gives some support/confidence on the banking index going forward.