What does the chart say about the Canadian Energy Sector?

A fair representation of the Canadian energy sector is the XEG (Ishares Sp TSX Capped Energy Index) ETF (Exchange Traded Fund).

 

There were two failed attempts to surpass this years highs in July and in August which is usually a sign that the sector has run out of steam. We are now nearing critical support around 19.25. The question is will price hold support or probe lower and test the 200 day moving average? 

 

I will be watching price action closely here to see if support can hold and XEG can make another run at the June highs. Any move below 19.25 would most certainly indicate lower prices in the short term.