Basic resources ETF: the decline regains its bite
EXV6 slips 2.4%: the decline resumes making lower lows after three uncertain weeks
Basic resources ETF: the decline regains its bite
Our view last week
The rebound in the European basic resources ETF stalled right at the finish line: after an 8% intermediate bounce off the double bottom in the 76 area, the week closed down 2.5% and the Sell signal, now in its third week, found new legs. In our weekly technical analysis the setup quality indicator climbs to 78 out of 100, in tension, and the basket moves up to 23rd among the 54 European sell signals; signal strength at 26 reads «decline starting to make lower lows».
This week's summary
EXV6, the European basic resources ETF, closes the week down 2.4% after three observation weeks that ended sideways: the sell signal hadn't been confirmed, but the decline is back to making lower lows, with volume contracting and sellers slightly prevalent on the last bar. Our weekly technical analysis now ranks it 9th among the 53 European sell signals, up from 23rd last week.
IQS Phase
66
in tension
Signal Strength
49
downtrend making lower lows, pace holding
Sizing
REDUCED
Ranking
#9 / 53
EU-UK stocks sell signals
Trade P&L %
+3.41%
from signal to today
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