The Canadian Energy industry has been hard hit. We are close to finding a bullish breakout. This would be important to watch for. This chart would be a good indicator of a conversion to a bullish trend.
The Trendline on $WTIC has broken and the price started to move to the upside this week. We can see the energy stocks started to turn up as well. It would be great if the Bullish Percent Index can rise above the 10 week MA. XEG.TO is a sector ETF for the Canadian Energy sector.
Best wishes for the holidays.
Good trading,
Greg Schnell, CMT
About the author:
Greg Schnell, CMT, MFTA is Chief Technical Analyst at Osprey Strategic specializing in intermarket and commodities analysis. He is also the co-author of Stock Charts For Dummies (Wiley, 2018). Based in Calgary, Greg is a board member of the Canadian Society of Technical Analysts (CSTA) and the chairman of the CSTA Calgary chapter. He is an active member of both the CMT Association and the International Federation of Technical Analysts (IFTA).
Learn More
