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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 wedgeand 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)
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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