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Select Sector SPDR ETFs Technical Analysis - XLEArchive
- 5/10/2024 -
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Energy Select Sector SPDR (XLE) Technical Analysis
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| Summary:
| | Weekly :  | | Daily :
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| | It was a first positive week for the Energy Select Sector SPDR (XLE). During the week, the XLE gained 1.26 points, or 1.36%, and closed at 93.83 on Friday, May 10, 2024. Weekly volume was -37% below average.
 Long-term trend: [See XLE long-term trend chart]
A long-term uptrend had started on March 16, 2023 at 75.36 and reached 98.97 on April 12, 2024. XLE gained -23.61 points, or -31.33%, in 56 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 80.33 and resistance is at 103.06. A Broadening Ascending Wedge pattern is considered to be a reversal formation. It usually appears in a mature trend, characterized by overbought/oversold long-term and short-term indicators, and often generates divergence on long-term indicators. Use the following link to access a Broadening Ascending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Ascending Wedge pattern in a long-term trend.
 Medium-term trend: [See XLE medium-term trend chart]
A medium-term uptrend had started on January 18, 2024 at 78.98 and reached 98.97 on April 12, 2024. XLE gained -19.99 points, or -25.31%, in 12 weeks. Price is near the Fibonacci 23.6% retracement level. The Fibonacci retracement level is considered a support/resistance level.
 Weekly Technical Indicators: [See XLE weekly technical indicators chart]
Weekly technical indicators are neutral. During the last week, weekly Lane's Stochastic signal line (%D) has moved below overbought area. Such crossover is considered a bearish signal. Oscillators are designed to signal a possible trend reversal. They can act as alerts and should be taken in conjunction with other technical analysis tools. Oscillators can be used to confirm other technical signals. Use the following link to access Lane's Stochastic help.
The weekly MACD line is above its signal line since February 16, 2024. This is an indication that the medium-term trend is up. Use the following link to access a MACD help.
 Short-term trend: [See XLE short-term trend chart]
A short-term downtrend had started on April 12, 2024 at 98.97 and reached 91.35 on May 3, 2024. XLE lost 7.62 points, or 7.70%, in 21 days. The chart has formed a Falling Channel chart pattern. The trend support level is at 90.09 and resistance is at 94.58. A Falling Channel represents price movement contained between parallel lower (support) and upper (resistance) trend lines. Trading Channeling stocks is one of the most reliable and accurate trading techniques that provide traders with precise entry and exit points as well as stop-losses and take-profit recommendations. Use the following link to access a Falling Channel chart pattern help, or use a Technical Stock Screener to see the list of stocks with Falling Channel pattern in a short-term trend.
Daily Technical Indicators: [See XLE daily technical indicators chart]
Daily technical indicators are neutral.
The daily MACD line is below its signal line since April 11, 2024. This is an indication that the short-term trend is down.
The price is close to the moving average in the center of the Bollinger Bands. The Bollinger Bands are often used with a non-oscillator indicator like chart patterns or a trendline. The signals are considered more reliable if these indicators confirm the recommendation of the Bollinger Bands. Use the following links to access the Bollinger Bands Help, or use the Technical Stock Screener to see the list of stocks with the price above the Upper Bollinger Band or below the Lower Bollinger Band.
During the last week, the price has advanced above the 50 Day Moving Average. Such crossover is considered a bullish signal. The moving average crossover signals work better when the stock develops a strong trend, but they are ineffective when the stock is in a trading range. Moving average crossover systems can be effective, but should be used in conjunction with trend patterns, momentum indicators, candlesticks and other aspects of technical analysis. Use the following links to access Moving Average Crossover trading technique, or use the Technical Stock Screener to see the list of stocks with the Moving Average close to the price level.
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