iShares S&P/TSX Capped Energy Index ETF Forecast

Red day on Wednesday for iShares S&P/TSX Capped Energy Index ETF after losing 0%
(Updated on May 08, 2024)

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, but the ETF has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $18.81 and $18.86. A breakdown below any of these levels will issue sell signals. 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 Tuesday, May 07, 2024, and so far it has fallen 0%. 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). Volume fell on the last day without any changes to the price. This does not cause any direct divergence but may be an early warning and a possible "turning point". The very low volume increases the risk and reduces the other technical signals issued.

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 therefore the general risk is considered very low. However, be aware of low or falling volume and make sure to keep an eye on the ETF During the last day, the ETF moved $0 between high and low, or 0%. For the last week the ETF has had daily average volatility of 1.18%

Our recommended stop-loss: $18.26 (-3.92%) (This ETF has low daily movements and this gives low risk. There is a sell signal from a pivot top found 1 day ago.)

Trading Expectations (XEG.TO) For The Upcoming Trading Day Of Thursday 9th

For the upcoming trading day on Thursday, 9th we expect iShares S&P/TSX Capped Energy Index ETF to open at $19.01, and during the day (based on 14 day Average True Range), to move between $18.71 and $19.31, which gives a possible trading interval of +/-$0.301 (+/-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 3.17% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $19.04 (0.16%) than the support at $18.86 (0.79%), 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: 2.259 Buy Candidate Unchanged

Predicted Opening Price for iShares S&P/TSX Capped Energy Index ETF of Thursday, May 9, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.