The Canadian Technician Blog Archives

September 2017

Canadian Banks - Ready To Run?

The Canadian Banks are trying to turn up. The group has been under pressure lately, but perhaps its time to buy?

Here's BMO. The Canadian banks have not had this price action weakness in 5 years. The SCTR is bouncing from its lowest level on the chart. Nice positive divergence on the Stochastics. The PPO looks ready to break the downward trend.

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The Canadian Technician Recording 2017-09-05

Well, September starts with a flurry. Banks are breaking down, and gold is breaking out. The story with oil continues to be influenced by winds of a hurricane. First it was Hurricane Harvey and this week the Gulf of Mexico is seeing the winds of Hurricane Irma. With a significant volume of off-shore and on-shore production shut in, we should continue to see some volatility in price. 

A lot of the Canadian sectors are failing at their trend lines, so that is a bigger concern for the broad index.

 

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