Intermediate uptrend for iShares energy Index
Some points to review from the above chart:
- Intermediate uptrend for XEG as of September 18, 2012
- RSI is confirming the uptrend and above 0
- Support zone is identified
- Must hold the support zone to maintain the intermediate uptrend
- A break below support would indicate a near-term downtrend or sideways consolidation
- Note the intermediate target which is major resistance
- Note the divergence between the oscillator and the price action in June — bottom fishing
Relevant articles picked from the Web:
- Why Oil Prices Are Likely to Slide Further — CNBC — September 26, 2012
- 3 Mega Forces of the Energy Trade — Zacks — September 25, 2012
- What the world’s 14 most important commodities will do — FP — September 25, 2012
- Global growth to be ‘weaker than anticipated’, IMF chief Lagarde warns — FP — September 24, 2012
- What’s behind oil’s 5% drop this week — MarketWatch — September 19, 2012
Reference past posts and related sites:
- Reference the last chart analysis for XEG.
- Reference the iShares website to review the holdings for the capped energy index.
Note: The above chart analysis is valid as of the publication date. To review current charts click on Home or perform a search. 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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