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)
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