iShares S&P/TSX Capped Energy Index ETF Forecast
Green day on Friday for iShares S&P/TSX Capped Energy Index
(Updated on Apr 26, 2024)
The iShares S&P/TSX Capped Energy Index ETF price gained 0.207% on the last trading day (Friday, 26th Apr 2024), rising from $19.31 to $19.35. It has now gained 6 days in a row. It is not often that ETFS manage to gain so many days in a row, and falls for a day or two should be expected. During the last trading day the ETF fluctuated 1.25% from a day low at $19.18 to a day high of $19.42. The price has risen in 7 of the last 10 days and is up by 0.83% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 72 thousand more shares were traded than the day before. In total, 1 million shares were bought and sold for approximately $23.21 million.
The ETF lies in the lower part of a strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $19.11 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the ETF is expected to rise 30.65% during the next 3 months and, with a 90% probability hold a price between $24.97 and $27.07 at the end of this 3-month period.
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XEG.TO Signals & Forecast
The iShares S&P/TSX Capped Energy Index ETF holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $19.12 and $18.54. A breakdown below any of these levels will issue sell signals. Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Wednesday, April 10, 2024, and so far it has fallen -2.17%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for iShares S&P/TSX Capped Energy Index ETF
iShares S&P/TSX Capped Energy Index finds support from accumulated volume at $18.86 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the ETF tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the ETF moved $0.240 between high and low, or 1.25%. For the last week the ETF has had daily average volatility of 1.54%.
Since the iShares S&P/TSX Capped Energy Index has been rising for 6 days in a row, the risk over the next couple of days has increased. We don't expect a major reaction as the ETF is in very good shape technically, and therefore hold a positive evaluation despite the very short term risk.
Our recommended stop-loss: $18.51 (-4.35%) (This ETF has low daily movements and this gives low risk. There is a sell signal from a pivot top found 12 days ago.)
Trading Expectations (XEG.TO) For The Upcoming Trading Day Of Monday 29th
For the upcoming trading day on Monday, 29th we expect iShares S&P/TSX Capped Energy Index ETF to open at $19.32, and during the day (based on 14 day Average True Range), to move between $19.04 and $19.66, which gives a possible trading interval of +/-$0.306 (+/-1.58%) up or down from last closing price. If iShares S&P/TSX Capped Energy Index ETF takes out the full calculated possible swing range there will be an estimated 3.16% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $19.39 (0.21%) than the support at $18.86 (2.53%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is iShares S&P/TSX Capped Energy Index ETF ETF A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for iShares S&P/TSX Capped Energy Index ETF to perform well in the short-term.
Current score: 1.896 Buy Candidate Unchanged
Predicted Opening Price for iShares S&P/TSX Capped Energy Index ETF of Monday, April 29, 2024
| Fair opening price April 29, 2024 | Current price |
|---|---|
| $19.32 ( 0.172%) | $19.35 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for XEG.TO
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 19.56 | 1.07 % | |
| R2 | 19.46 | 0.594 % | ||
| R1 | 19.41 | 0.302 % | ||
| Current price: | 19.35 | |||
| Support | S1 | 19.22 | -0.646 % | |
| S2 | 19.17 | -0.94 % | ||
| S3 | 19.08 | -1.41 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 19.78 | 2.22 % | |
| R2 | 19.41 | 0.310 % | ||
| R1 | 19.39 | 0.207 % | ||
| Current price | 19.35 | |||
| Support | S1 | 18.86 | -2.53% | |
| S2 | 15.84 | -18.14% | ||
| S3 | 15.26 | -21.14% |
XEG Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Mar 22, 2024 | Mar 22, 2024 | Mar 28, 2024 | $0.0930 | 0.507% |
| 2 | Dec 28, 2023 | Dec 28, 2023 | Dec 28, 2023 | $0.110 | 0.711% |
| 3 | Sep 25, 2023 | Sep 25, 2023 | Sep 25, 2023 | $0.233 | 1.38% |
| 4 | Jun 26, 2023 | Jun 26, 2023 | Jun 26, 2023 | $0.150 | 1.06% |
| 5 | Mar 22, 2023 | Mar 22, 2023 | Mar 22, 2023 | $0.167 | 1.17% |
FAQ
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