Can Canada Overcome Roadblocks?

My article for TraderPlanet for this week takes a look at the latest price action in Canada, specifically the iShares Canada ETF ($EWC) and the level of resistance it’s butting up against right now.

Here’s a piece:

Since March, EWC has been finding resistance at the $28.30 level. If the selling persistence then we can see the rising trend line off the June and August lows could provide a level of support for EWC. It’s interesting to note that at each run up to $28.30 we haven’t seen momentum rocket higher. Only for a brief movement in July did we see the Relative Strength Index break into ‘overbought’ territory, only to retreat the following day.

Read the rest here: ETFs: Can Canada Overcome Roadblocks? (TraderPlanet)

Disclaimer: Do not construe anything written in this post or this blog in its entirety as a recommendation, research, or an offer to buy or sell any securities. Everything in this post is meant for educational and entertainment purposes only. I or my affiliates may hold positions in securities mentioned in the blog. Please see my Disclosure page for full disclaimer. Connect with Andrew on Google+, Twitter, and StockTwits.

About Andrew Thrasher, CMT

Andrew Thrasher, CMT is a Portfolio Manager for Financial Enhancement Group, LLC, an asset management firm in Central Indiana and founder of Thrasher Analytics, an independent financial market research firm. He specializes in technical analysis as well as macro economic developments.