XEG re-entry LongNice long pullback in this once, this is a little anticipatory as feeling we're going to see a pullback in in US markets, this one usually heads the opposite direction.
XEG trade ideas
Value Hunting in CanadaFor those value hunting out there, there is better breadth up here in Canada as according to Frances Horodeslki, 118 of the 226 components (52 per cent) are beating the TSX this year compared to only 25 per cent in the U.S. High interest rates have also hit certain segments like the banks, utilities and telcos that dominate the S&P TSX at a time that we believe rates will be coming down faster than the U.S.
For example, equal weight Canadian banks (as represented by the ZEB ETF) are up only 9.4 per cent over the past 12-months (to the end of June), the Utilities sector (as represented by the XUT ETF) is down 6.2 per cent while telecommunication stocks such as Rogers, Telus and Bell have been hammered selling down 15.6 per cent, 17.9 per cent and 23.3 per cent, respectively.
XEG Long entrySimple longer term swing on this energy ETF. Still in a large sideways wedge. Due to this keeping position size low.
TSX Energy XEG 12.66 2022 Low and more ?I was overweight energy for most of 2022 selling my exposure around the summer and the remaining in the fall.
It was not and easy decision but the trend in WTI and Brent prices was too bearish to ignore.
Seems to me now It's only a matter of time we take out the 2022 low of 12.66, the more intriguing question is where we go once we get there ?
On the weekly timeframe top left we can see the 50 weekly ma acting as support for most of 2022 now we appear to be losing it.
The Daily timeframe top right we can see the 20 day ma the black line has finally crossed below the 200 day ma you have to go back to January 2020 the last time this took place and before that fall 2018. Seems obvious it's only a matter of time before all moving averages are below the 200 on the daily.
I am a long term energy bull due to the supply constraints we are facing and lack of investment but for the beginning of 2023 first quarter at least with calls for a recession growing I don't see the upside for Oil or energy stocks, yes I know they pay great dividends but I don' t think this will save them from a market downturn.
I am patiently waiting on my cash to re enter this sector ideally in the spring
TSX Energy Monthly and Weekly breakoutWe have the Monthly and Weekly candles already 2 to the upside.
I am looking for continuation to the upside the rest of the month with crude prices seemingly having found a bottom.
Favorite pick in sector is ENB / CVE / WCP
We need that monthly candle to remain green 2 to the upside to stay long
XEG-T - iShares S&P/TSX Capped Energy Index ETFHello everybody,
We are looking at XEG-T today. We are short term bullish. We believe a bearish flag is forming. We will enter a limit sell order at $8.80 which is in contact with the upper band trendline for half the position. We will continue to hold the other half of the position and look to make an exit at $9.61. We will hold a stop loss at $7.60 for the entire position.
Thank you,
"If I am through learning, I am through" - John Wooden
XEG: Canadian Energy a bit More Energetic?The daily chart gives me a little more optimism in the recovery of this beleaguered ETF and energy stocks in general. As I noted in my previous analysis, XEG has been in a downward channel for the last 10 years - wow!
Is there a chance of recovery? If it breaks $8.20 level we can see the price appreciating all the way up to $9.50. Let's see if that happens :)
Happy trading and please do your own due diligence when making financial decisions!
XEG: Will the downtrend ever end?XEG has been in the downtrend for over 10 years (!) all the way till it hit its lows at $2.54 in March 2020. But then a bounce happened that seems to be able to sustain momentum on the monthly chart.
Will the downtrend ever end?
I expect it to at least reach the upper bound of the downtrend channel around $10. Too optimistic?
Not a financial advice, please do your own research and share feedback!
XEG Canadian Oil safer playThis one is part of iShares and as such it contains the safest of the Canadian Energy Companies. The distribution is garbage right now with 0.02 /q but the history of this one has distributions as high as 0.08 in recent (2 years) history. A decent way to ride energy up. Not saying we are in a bull market on oil and no one knows where it is going over the next year, but 73-75 on USO seems to be the current (next week or two) target.
> is my most recent study on Oil, and purely technical, and not overly complex. Fundamental study is always recommended with oil.
> disclosure, I have a position built during 2020 on this.
A Caution About Bottom Picking in Energy StocksI have had conversations with friends who are thinking of bottom fishing in the resource sector - particularly energy.
I have never liked the sector because of it's volatility. Keep in mind that the sector is down 90% since it's high in May 2008. It is a 12 year declining trend that shows zero sign of letting up. There is more than just a panic or even cyclical action going on in this sector that is unrelated to the current oil price war or the corona virus. Pressure is coming from energy efficiency, new technologies in electric an hydrogen vehicles and generators, renewable power systems and environmental concerns.
There will be bounces. They will look good for a while. But this trend does not look like it is ending any time soon. In decades to come, we will wonder why we ever used oil for anything but making plastics.
Canadian Oil/Gas Stocks Holding Strong Above Previous Road BlockEnding the week above the 200 day moving average could signal the all clear for Canadian energy stocks to finally begin rallying in earnest.
WHY SPY/DIA looks more bullish XEG is represents the capped energy index of TSX and SPX companies, so its not exactly a true representation for SPY/DIA looking the way it does. But, you get the general Idea.- investors are flocking to other sectors and dividend paying stocks.
Im bullish energy sector as i think is undervalued and forgotten for most of 2013, but i think ive missed much of the recent bullish move. I'm still long term Bullish, but we could use a pull back here. Maybe the 18.50 ish is level would be a good long entry. If tomorrow XEG sells off from here then SPY/DIA will not look as bullish anymore, at least in the short term.
