Daily chart of XEG showing the near-term uptrend and the breakout above the 10.00 resistance level. Momentum indicators and volume are confirming the move. But, the major trend and the intermediate trend are both down as you can see on the weekly chart which is below this one.
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Weekly chart for XEG showing that the major trend and the intermediate trend are both down. XEG will meet heavy resistance around 11 which is near the 40-week moving average.
“Technical Analysis is about probabilities.”
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