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 TECHNICALS
TSX Energy Index ETF : Testing Major Trendline?
February 23 2016 ​( From TradingView  )
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​​​​​The Situation


​​The Canadian TSX  Energy Index ETF - XEG 
​( iShares S&P/TSX Global Base Metals Index ETF  ) started to outperform ​​
​tremendously since ​​January 20 2016​ ​​the Mighty TSX60 Index ETF - XIU 
​( iShares ​S&P/TSX 60 Index ETF  ). ​​( See First Chart Below- Daily Ratio ).

​​​​​​It was a strong support sign on a relative basis since it was done 
​with a new low in place and a Bullish Hammer Candle Pattern.
​ ( See First Chart Below )​
​
And now, we are near the resistance trendline from a falling wedge
and near breaking on the upside the 50 DMA ( Day Moving Average ) 
​on that ratio.​ ( See First Chart Below - Ellipse )​

Almost the same technical pattern price wise for the XEG ETF: the low in price on January 20 was made with a Bullish Hammer Candle Pattern on a strong volume. A good sign technically speaking. ( See Second Chart Below )​
​
​​​​But the most interesting factor is as we are near breaking the resistance trendline on a ratio basis, we have the same pattern price wise. Near testing a Major Resistance from a falling wedge that started back since October 9 2015. Already we are above the 50 DMA at 9.63... ​( See Second chart below - Red TrendLine - Ellipse) 

​




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TSX Energy Index ETF  : Testing Major Trendline?  $XEG  #energy #Investing #xeg #canada 


XEG ETF Dailly Candles
​( iShares S&P/TSX Capped Energy Index ETF ) 
50 DMA ( Red Line )​
Volume ( Bottom Blue Line )​



Daily RATIO 
​XEG ETF ( iShares S&P/TSX Capped Energy Index ETF ) 
over​
XIU ETF ( iShares S&P/TSX 60 Index ETF )​
50 DMA ( Red Line )​








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