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European banks testing support after channel breakdown

Courtesy of ZeroHedge. View original post here.

What banks do in the states can impact banks in Europe. The opposite is also true, what banks do in Europe, can send important messages to banks in the states.

Below looks at European Bank ETF (EUFN)

CLICK ON CHART TO ENLARGE

In our humble opinion, weakness of late in EUFN and banks in the states (XLF) have NOT broken the upside momentum.

What EUFN does at line (2), which is the 22.37 level, could send very important micro and macro messages to European and banks in the states, as momentum is lofty and could be turning lower.

Line (2) comes into play as support…this could become a very important support test! If this support would happen to give way, a domino impact could take place in the banking sector.

Why you see chart pattern analysis with brief commentary:   

There is a ton of news and opinions about markets and stocks that make the decision-making process more difficult than it needs to be.   

I believe the Power of the chart Pattern provides all you need to see what is taking place in an asset and determine the action to take. 

This approach has worked well for me and our clients and I encourage you to test it for yourself.

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