Energy Sector ( XEG )

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TECHNICALS

TSX Energy Index ETF XEG : My Rising Wedge?
May 26 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 arising wedge
and already above the 20, 50 and 200 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 rising wedge that started back since Oct 9 2015. Bulls need to break those resistances to have a continuation of outperformance of the Canadian Energy Sector ETF XEG.

TSX Energy Index ETF XEG : My Rising Wedge? $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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