The Canadian Technician

Canadian Insurers Break Out To Fresh Highs


Canadian Insurance stocks are rallying while the Canadian Banks are hovering closer to their 200 DMA's. 

Manulife Financial (MFC.TO) made a nice move today. The intraday volume is the same as yesterday and we are only half way through the day. Perhaps we'll finally get a volume candle of some significance with the breakout.

Another major insurer that we watch is Sunlife (SLF.TO). The chart is not quite as sunny, but it has some rays of hope.

Industrial Alliance (IAG.TO) is also looking good but needs to break out soon.

Intact Financial (IFC.TO) looks like it is bouncing off former resistance turned support.

I am not as enamored with the charts of Power Financial or Great West Life, but Fairfax (FFH.TO)  is interesting after selling off significantly. 

I will be posting a big review of the various Canadian sectors on a Canadian Technician Video Recording. You can find the recording on the Vimeo channel by following this link. Vimeo - Greg Schnell. Click the Follow button on the right ot be notified when new videos are posted.

Good trading,
Greg Schnell, CMT, MFTA

Greg Schnell
About the author: , CMT, is a Senior Technical Analyst at specializing in intermarket and commodities analysis. Based in Calgary, he is a board member of the Canadian Society of Technical Analysts (CSTA) and the chairman of the CSTA Calgary chapter. He is also the author of Stock Charts for Dummies (Wiley, 2018). Learn More
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