Are banks about to get fried? Sure could if current support fails to hold!
This chart looks at Financial ETF (XLF) from Marketsmith.com on a weekly basis over the past 7-years.
XLF has remained inside of bullish rising channel (1) for the past 5-years. Weakness took it below the bottom of the channel during the February/March declines.
The rally over the past 90-days saw XLF kiss the underside of the rising channel at (2), where it created a bearish reversal pattern.
Since the March lows, XLF could be forming a bearish rising wedge, with the bottom of the wedge being tested as support this week at (3).
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