A big sigh of relief

Financials managed to leve the danger zone. The chart of XLF shows :

  • It managed to get back above the 200 dMA, bouncing on the support of the channel
  • It tested the resistance level of the channel
  • Breaking that resistance is a first trigger
  • Breaking the 50d MA is a second trigger
  • If you look at the big banks stocks C, BAC, GS, you’ll see they bounced up from an oversold level. To be watched if that will have some follow through
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