Breakout at $18.00 for (XEG:TSX) ETF
The reversal of roles is an important concept in technical analysis. $18.00 was the resistance level on the weekly chart. It is now the new support level. This Exchange Traded Fund (ETF) must hold above the new support level or the breakout is nullified.
Reference the iShares website to review the holdings for the capped energy index.
Please review the most recent analysis for Suncor (SU:TSX) which represents 17.87% of the ETF.
Note: This technical analysis is for educational purposes so you can learn to trade online using candlestick charts. Please conduct your own chart analysis or consult your financial advisor before making investment decisions. The chart snippets are from BigCharts.com which I recommend and have used for fifteen years. The author of this article may hold long or short positions in the featured stock or index.
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