The Greedy Trader Weekly Analysis
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- 3/15/2024 -
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Utilities Select Sector SPDR (XLU) Technical Analysis

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Summary:
Weekly :Broken trend resistance lineTrend resistance at 64.34
Daily :Stochastic has declined below the signal lineA Parabolic SAR indicator is above and near the price20 Day Moving Average has crossed above the 50 Day Moving Average
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It was the negative week for the Utilities Select Sector SPDR (XLU). During the week, the XLU gave back -0.29 points, or -0.45%, and closed at 63.46 on Friday, March 15, 2024. Weekly volume was -10% below average.

Long-term trend: [See XLU long-term trend chart]
A long-term downtrend had started on September 12, 2022 at 78.20 and reached 54.77 on October 6, 2023. XLU lost 23.43 points, or 29.96%, in 55 weeks. The chart has formed a Falling Wedge chart pattern. The price is near the trend resistance line (64.34). 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 long-term trend.

Medium-term trend: [See XLU medium-term trend chart]
A medium-term downtrend had started on December 14, 2023 at 66.70 and reached 59.14 on February 13, 2024. XLU lost 7.56 points, or 11.33%, in 8 weeks. The chart has formed a Falling Wedge chart pattern. The downtrend resistance line (57.36) is broken. A broken support is considered to be a long-term bullish signal. 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 medium-term trend.

Weekly Technical Indicators: [See XLU weekly technical indicators chart]
Weekly technical indicators are neutral.

The weekly MACD line is above its signal line since November 10, 2023. Use the following link to access a MACD help.

Short-term trend: [See XLU short-term trend chart]
A short-term downtrend had started on March 13, 2024 at 64.45 and reached 62.92 on March 14, 2024. XLU lost 1.53 points, or 2.37%, in 1 days. The price is now at the 35.29% retracement level.

Daily Technical Indicators: [See XLU daily technical indicators chart]
Daily technical indicators are neutral. During the last week, daily Lane's Stochastic main line (%K) has declined below the overbought signal line (%D). 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 daily MACD line is above its signal line since February 14, 2024. The distance between MACD and the signal line is low and getting smaller.

A Parabolic SAR (stop and reversal) indicator (62.88) comes close to the price (63.46). It indicates that the trend is getting weaker. A Parabolic SAR is used as a trailing stop loss for long or short positions. It works best during strong trending periods. Use the following links to access Parabolic SAR Help, or use the Technical Stock Screener to see the list of stocks with the Parabolic SAR close to the price level.

During the last week, the 20 Day Moving Average 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.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 72.30
Williams' Percentage Range (W%R) 33.50
Lane's Stochastic (%D-Slow) 74.75
Greed/Fear Indicator (GFI) 71.18
Moving Average Converg./Diverg. (MACD) 0.45
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 50.19
Williams' Percentage Range (W%R) 36.50
Lane's Stochastic (%D-Slow) 49.45
Greed/Fear Indicator (GFI) 54.43
Moving Average Converg./Diverg. (MACD) -0.61
Trading Signals
Description Value Chart
Monthly Trendline Resistance 64.93
Upper Bollinger Band 64.68
Yearly Trendline Resistance 64.34
Daily Stochastic Crossing 63.97
Price 63.46
Monthly Trendline Support 63.34
Parabolic System 62.88
20 Day Moving Average 62.53
Weekly Stochastic Crossing 62.20
50 Day Moving Average 62.05
Lower Bollinger Band 60.73
Quarterly Trendline Resistance 59.76
Quarterly Trendline Support 57.36
Yearly Trendline Support 52.27
Sector and Industry
Description Name Rank
Sector
Industry
Daily Trend
Description Value
Direction Down
Chart Pattern DownTrend
High 64.45
High Date 03/13/2024
Low 62.92
Low Date 03/14/2024
Weekly Trend
Monthly Trend
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 64.45
High Date 03/13/2024
Low 62.92
Low Date 03/14/2024
Description Value
Direction Up
Chart Pattern Rising Channel
Status Test Support
Resistance 64.93
Support 63.34
Low 59.14
Low Date 02/13/2024
High 64.45
High Date 03/13/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Down
Chart Pattern Falling Wedge
Status Broken Resistance
Resistance 59.76
Support 57.36
High 66.70
High Date 12/14/2023
Low 59.14
Low Date 02/13/2024
Description Value
Direction Down
Chart Pattern Falling Wedge
Status Test Resistance
Resistance 64.34
Support 52.27
High 78.20
High Date 09/12/2022
Low 54.77
Low Date 10/06/2023
Warning: TheGreedyTrader.com presents weekly analysis. Technical indicators and trend parameters are calculated for the close of business day indicated on the top right corner of the screen.