The Mexican – Canadian Wars
- Posted by Greg Harmon
- on November 29th, 2012
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While the US is holding elections, spending more than it has and blathering on about the Fiscal Cliff our neighbors to the north and south have been quietly fighting a war. A stock war that is. And Mexico has been kicking some Canadian booty. The weekly ratio chart below shows long rising channel with the Mexico iShares, $EWW, outperforming the Canada iShares, $EWC, since October 2011. The shorter term view, from June 2012 shows an ascending triangle building with a top at
2.43 that has been tested twice. Now working on its third higher low, another test seems imminent with a bullish Relative Strength Index (RSI), a Moving Average Convergence Divergence indicator (MACD) that is turning positive and a Accumulation/Distribution line showing continued accumulation. Above 2.43 the target becomes 2.76 or 13.5% higher. Still plenty of room to run.
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The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.blog comments powered by Disqus
Gregory W. Harmon CMT, CFA, has traded in the Securities markets since 1986. He has held senior positions including Head of Global Trading, Head of Product Development, Head of Strategy and Director of Equity. (More)
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