I have avoided the TSX Energy sector following the great mid
2008 price spike that effectively ended the 1998 – 2008 linear advance. The TSX
energy sector is replicated in the TSX listed iShares S&P/TSX Capped Energy
Index (XEG) and Imperial Oil (IMO) is the fifth component by weight out of a
total of 57 holdings..
The longer term monthly bar chart of IMO ($47.34) displays
the mid 2008 price spike – of about $63 and the subsequent corrections and
rebounds that I have numbered from (1) through (5).- all completing a large symmetrical
triangle. Note the January 2014 breakout
and the subsequent bullish re-test at the lower rising trend line. If IMO can
hold here we can do a measured move (more on that latter) up to about $80 – and
what is good for IMO is likely good for the entire energy complex
.
Posts
2 comments:
But what about the chart in $USD on US markets?
A bull market should take place in all currencies no?
Hi
I assume you mean inter listed like IMO - if so I chart where the volume is - so for IMO the volume is greater on the TSX
On the all currencies issue gold is a bull in EUROs and a bear in US$
Bill C
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