XLF Financial Stocks Correction Likely

Member @trgfunds mentioned the financial stocks in the trading room as there are some interesting technical developments, I'd figure the charts were worth sharing. Essentially, XLF (Financial Sector ETF) is approaching a resistance zone on the daily chart. Of course resistance levels can an often are taken out however, at the same time XLF approaching that resistance zone while quite overbought in the near-term, the financials are also at the top of a fully mature bearish rising wedge pattern while also testing the 61.8% Fibonacci retracement of the move down from the Dec 2nd & Nov 6th double-top high. Potential divergences [...]

2017-03-08T21:19:56+00:00Mar 18, 2016 10:29am|Categories: Equity Market Analysis, Unofficial Short Ideas|Tags: , |1 Comment