Monday, April 06, 2009

Canadian financials

Canadian financial stocks are due to join any market revival. The sector flushing has left no country unaffected, but Canadian institutions should be poised for some relative performance gains if the current market rally has legs. The iShares S&P/TSX Financials ETF (TSX:XFN) is Stock Trends Weak Bearish and is in our watch. The share price ($15.47) is rapping the resistance overhead that dates back to mid-February.

An important component of the S&P/TSX Financials Index is Manulife Financial (TSX:MFC) – it has shown some prospect of battling out of its bearish trend in recent weeks, although the stock is still Stock Trends Bearish. MF will be an significant signal toward a qualified turn in the TSX’s financial sector. Clearance through the 13-week moving average trend line should allow the stock to regain the $20 level. Look for MF to turn Stock Trends Weak Bearish soon.

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