The Greedy Trader Weekly Analysis
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Downtrend Broken Resistance

Downtrend Broken Resistance stock alert presents a technical analysis stock market picking technique based on combination of technical indicators, stock trend analysis, trend following indicators and pattern recognition. Downtrend broken resistance stock market alert is a trend trading warning signal. It is a confirmation that long term downtrend reversal is completed and a new uptrend is establiched.

Unlike other alerts, broken resistance is not a buy/sell signal. It is rather warning signal that trend direction has changed. For entry point it is usually better to wait for pull back and retest of resistance line. This point is considered as a second chance to participate in downtrend reversal.

Downtrend Broken Resist.

Archive
- 3/15/2024 -
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Industrial Select Sector SPDR (XLI) Technical Analysis

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Summary:
Weekly :Relative Strength Index is overboughtWilliams' Percentage Range and Lane's Stochastic are strongly overboughtRelative Strength Index, Lane's Stochastic and MACD bearish divergenceBroken trend resistance line
Daily :Broken trend support lineDaily  MACD line has moved below its signal lineThe price has fallen below the Parabolic SAR
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It was the negative week for the Industrial Select Sector SPDR (XLI). During the week, the XLI gave back -0.26 points, or -0.21%, and closed at 122.04 on Friday, March 15, 2024. It was the worst weekly loss since January 5, 2024. Weekly volume was -9% below average.

Long-term trend: [See XLI long-term trend chart]
A long-term uptrend had started on March 6, 2009 at 15.14 and reached 123.50 on March 8, 2024. XLI gained -108.36 points, or -715.72%, in 783 weeks. The chart has formed a Rising Channel chart pattern. The uptrend resistance line (91.21) 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 XLI medium-term trend chart]
A medium-term uptrend had started on October 27, 2023 at 96.11 and reached 123.50 on March 8, 2024. XLI gained -27.39 points, or -28.50%, in 19 weeks. The price is now at the 5.33% retracement level.

Weekly Technical Indicators: [See XLI weekly technical indicators chart]
Weekly Relative Strength Index is overbought while Williams' Percentage Range and Lane's Stochastic are strongly overbought. Use the Technical Stock Screener to see the list of stocks with overbought weekly Relative Strength Index or strongly overbought weekly Williams' Percentage Range and Lane's Stochastic. Weekly Relative Strength Index, Lane's Stochastic and MACD have bearish divergence. Use the following links to access the Relative Strength Index, Lane's Stochastic and MACD help, or use the Technical Stock Screener to see the list of stocks with weekly Relative Strength Index, Lane's Stochastic and MACD bearish divergence. The divergence between price and indicator is considering one of the most important buy/sell stocks trading 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 links to access Lane's Stochastic, Relative Strength Index and Williams' Percentage Range help.

The weekly MACD line is above its signal line since November 24, 2023. This is an indication that the medium-term trend is up. The distance between MACD and the signal line is relatively high, but getting smaller. It indicates that the current medium-term uptrend is still strong, and momentum is beginning to wane. Use the following link to access a MACD help.

Short-term trend: [See XLI short-term trend chart]
A short-term uptrend had started on January 17, 2024 at 109.95 and reached 123.50 on March 8, 2024. XLI gained -13.55 points, or -12.32%, in 51 days. The chart has formed a Rising Channel chart pattern. The uptrend support line (122.47) is broken. A broken support is considered to be a long-term bearish 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 support in a short-term trend.

Daily Technical Indicators: [See XLI daily technical indicators chart]
Daily technical indicators are neutral.

During the last week, daily MACD line has moved below its signal line. Such crossover is considered a bearish signal.

During the last week, the price has fallen below the Parabolic SAR (stop and reversal). A Parabolic SAR above the price is a bearish signal, and it indicates that momentum is likely to remain in the downward direction. 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.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 64.62
Williams' Percentage Range (W%R) 32.00
Lane's Stochastic (%D-Slow) 55.62
Greed/Fear Indicator (GFI) 62.74
Moving Average Converg./Diverg. (MACD) 1.77
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 84.94
Overbought Bearish
Williams' Percentage Range (W%R) 7.20
Strong Overbought
Lane's Stochastic (%D-Slow) 93.86
Strong Overbought Bearish
Greed/Fear Indicator (GFI) 82.92
Overbought
Moving Average Converg./Diverg. (MACD) 3.27 Bearish
Trading Signals
Description Value Chart
Weekly Trendline Resistance 124.90
Upper Bollinger Band 123.53
Parabolic System 123.41
Weekly Stochastic Crossing 122.70
Weekly Trendline Support 122.47
Daily Stochastic Crossing 122.36
Price 122.04
20 Day Moving Average 120.85
Lower Bollinger Band 117.59
50 Day Moving Average 116.69
Yearly Trendline Resistance 105.87
Sector and Industry
Description Name Rank
Sector
Industry
Daily Trend
Description Value
Direction Down
Chart Pattern DownTrend
High 122.86
High Date 03/14/2024
Low 121.49
Low Date 03/15/2024
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Rising Channel
Status Broken Support
Resistance 124.90
Support 122.47
Low 109.95
Low Date 01/17/2024
High 123.50
High Date 03/08/2024
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 96.11
Low Date 10/27/2023
High 123.50
High Date 03/08/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 82.75
Low Date 09/30/2022
High 123.50
High Date 03/08/2024
Description Value
Direction Up
Chart Pattern Rising Channel
Status Broken Resistance
Resistance 105.87
Support 91.21
Low 15.14
Low Date 03/06/2009
High 123.50
High Date 03/08/2024
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.