XFJ Weekly Chart Outlook.

The completed H&S Top with XFJ ( ASX 200 Financials) and now it is re-testing its violated neckline support, turning resistance. Violation of it’s neckline also displaying a Dow Theory Medium term downtrend with lower peaks and lower troughs. We have the H&S Top & Dow Theory confirming this down trend with XFJ  on this weekly chart. In addition XFJ has also been trading below it’s 40 period weekly SMA which may also be used to define it’s long term trend.

Until an evidence that this down trend is reversed any rally is to treated as counter cyclical with XFJ.

Very important sector within XAO which deserves an attention.

xfjweekly22022016

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