Entry this week on XIU, bounced off the 200 weekly ma. Weekly STOCH RSI turned, usual SL management of trailing behind HK candles.
XIU is approaching to a key reversal zone between 28 and 29 where a possible rebound is likely to happen. If XIU stock's price cannot hold above 28, the risk of bearish scenario toward 26 and lower would increase. Support zone= 28/29 Resistance zone =32/33 Key level to watch=28 Downside risk = 26 and 20 Bias= Neutral
After almost 17% decline from the top, XIU bottomed out around 28. The most probable scenario would be a continuation of ongoing sentiment toward 32 and 33.4.
last october and this october the pattern matched up and its currently matching my predictions. i am still new to this but i think it has something to do with correcting before the climb of the christmas season.
Exploring the correlations between CA, US markets and safe havens (TLT, GLD). The Macro Axis website also has very interesting correlations tables & tools.
XIU has formed a head & shoulders pattern over the month of October. Today it broke below the neckline, signalling bearish price action. It is also trading below its 50, 100, and 200 emas on the 1h chart and the MACD is below the signal line. Next test of support is the high volume node centered around 24.4 (-0.81% downside).
The Toronto index dropped 16% from the top of July 2018. If we get another 16% decline it will take us to a rising trend line support area.
SL - 25.55 T1 - 23.25 Alternate is to go long on HXD Purple line shows RSI divergence Bearish Harami shows the last Top reached FIB Retracement 50% is the T1 Legend on MA's Green - 50 Weekly SMA Red - 200 Weekly SMA Sub chart RSI - Weekly - 14, Close
Higher highs and higher lows. The CAD is showing some steam and the BoC is being hawkish. Posted positions in relation total holdings.