Canadian energy sector has been hit hard as of late, and VLE.TO has been no exception as it continues to trend downward in a channel. A beauty of an equilibrium is currently playing out on the daily chart right now new the top of that channel. A bear break will have us retest the lower limits, and a bull break on big volume will be a notable shift in momentum...
My fundamental view on this pair is bullish. Canadian Currency USDCAD depends on the price of oil like other nations Russia, Venezuela (atlas.media.mit.edu) The oil price is sinking due to political issues and massive oversupply. Sooner or Later Iran will enter the oil market (to secure their historical market share) and the oil will further drop in value. Crude...
Nice trade setup coming in now at 10.77 with a stop around 10.53 and looking for a take profit at 11.68. :ets see how it plays out
Im Longterm Bullish on SGY and the Canadian Oil and Gas Stocks. But i believe we need a retracment before another move to the upside.