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The charts, graphs and comments in my Trading Blog represent my technical analysis and observations of a variety of world markets...
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Saturday, November 05, 2011

European Financials ETF...EUFN

Further to my posts since November 3rd, I'm adding the European Financials ETF, EUFN, to my watchlist for clues on the health of Europe's banks...below are a series of charts depicting price action relative to an upward-sloping channel that it's been in since its September lows. Contrary to the YM, ES, NQ & TF, it is trading below its middle Bollinger Band on all timeframes and is just above the botom of its channel after failing to hold above resistance at 17.50...furthermore, a descending triangle could be forming on the Monthly and Options Expiry timeframes, which would signal a bearish continuation...it's not looking too healthy at the moment...will see where it goes from here.