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Uptrend Broken SupportArchive
- 5/10/2024 -
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SPDR Oil & Gas Exploration & Production (XOP) Technical Analysis
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| Summary:
| | Weekly :  | | Daily :
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| | It was a first positive week for the SPDR Oil & Gas Exploration & Production (XOP). During the week, the XOP climbed 0.45 points, or 0.30%, and closed at 150.68 on Friday, May 10, 2024. Weekly volume was -34% below average.
 Long-term trend: [See XOP long-term trend chart]
A long-term uptrend had started on August 19, 2021 at 71.48 and reached 170.62 on June 8, 2022. XOP gained -99.14 points, or -138.70%, in 41 weeks. The chart has formed a Symmetric Triangle chart pattern. The uptrend resistance line (129.74) is broken. Usually a broken resistance is considered to be a long-term bullish signal, although a short-term pull back is possible. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend resistance line in a long-term trend.
 Medium-term trend: [See XOP medium-term trend chart]
A medium-term downtrend had started on November 14, 2022 at 161.42 and reached 114.16 on March 16, 2023. XOP lost 47.26 points, or 29.28%, in 17 weeks. The chart has formed a Symmetric Triangle chart pattern. The price is near the trend resistance line (149.12). The resistance is usually stronger when technical indicators are overbought. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with price testing the trend resistance line in a medium-term trend.
 Weekly Technical Indicators: [See XOP weekly technical indicators chart]
Weekly technical indicators are neutral.
The weekly MACD line is above its signal line since February 23, 2024. Use the following link to access a MACD help.
 Short-term trend: [See XOP short-term trend chart]
A short-term downtrend had started on April 12, 2024 at 162.49 and reached 146.72 on May 1, 2024. XOP lost 15.77 points, or 9.71%, in 19 days. The chart has formed a Falling Channel chart pattern. The trend support level is at 143.68 and resistance is at 153.85. 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 XOP 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.
Price is close to the 50 Day Moving Average. 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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