New Sell Signal on Basic Resources ETF: trading not advised, downtrend underway

A new sell signal has emerged on the iShares STOXX Europe 600 Basic Resources ETF at week 1. The weekly drop was shallow — a week of indecision, not a collapse — while the daily chart shows a double bottom in the 80 area with an 18% intermediate rebound. Our model flags trading as not recommended: the ETF remains well above the 200-week moving average, and the confirmation week is still underway.