Banks About To Get Fried? Possible If This Gives Way!

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by Kimble Charting

Are banks about to get fried? Sure could if current support fails to hold!

This chart looks at Financial ETF (XLF) from 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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