The Greedy Trader Weekly Analysis
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Uptrend Broken Support

Uptrend Broken Support 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. Stock market alert is a warning signal. Uptrend Broken Support alert is a confirmation that long term uptrend reversal is completed and a new downtrend 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 support trendline. This point is considered as a second chance to sell long position (or open short positions) in uptrend reversal.

Uptrend Broken Support

Archive
- 3/15/2024 -
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Materials Select Sector SPDR (XLB) Technical Analysis

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Summary:
Weekly :Lane's Stochastic is overboughtWilliams' Percentage Range is strongly overboughtLane's Stochastic and MACD bearish divergence
Daily :Relative Strength Index and Lane's Stochastic are overboughtA Parabolic SAR indicator is above and near the price
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It was a eighth positive week after 4 consecutive negative weeks for the Materials Select Sector SPDR (XLB). During the week, the XLB gained 1.45 points, or 1.62%, and closed at 90.80 on Friday, March 15, 2024. Weekly volume was 43% above average.

Long-term trend: [See XLB long-term trend chart]
A long-term uptrend had started on September 27, 2022 at 66.85 and reached 91.66 on March 13, 2024. XLB gained -24.81 points, or -37.11%, in 76 weeks. Price is near the trend high.

Medium-term trend: [See XLB medium-term trend chart]
A medium-term uptrend had started on October 23, 2023 at 74.33 and reached 91.66 on March 13, 2024. XLB gained -17.33 points, or -23.31%, in 20 weeks. Price is near the trend high.

Weekly Technical Indicators: [See XLB weekly technical indicators chart]
Weekly Lane's Stochastic is overbought while Williams' Percentage Range is strongly overbought. Use the Technical Stock Screener to see the list of stocks with overbought weekly Lane's Stochastic or strongly overbought weekly Williams' Percentage Range. Weekly Lane's Stochastic and MACD have bearish divergence. Use the following links to access the Lane's Stochastic and MACD help, or use the Technical Stock Screener to see the list of stocks with weekly 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 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 near its high and getting bigger. It indicates that the current medium-term uptrend is strong. Use the following link to access a MACD help.

Short-term trend: [See XLB short-term trend chart]
A short-term uptrend had started on February 5, 2024 at 80.74 and reached 91.66 on March 13, 2024. XLB gained -10.92 points, or -13.52%, in 37 days. The price is now at the 7.88% retracement level.

Daily Technical Indicators: [See XLB daily technical indicators chart]
Daily Relative Strength Index and Lane's Stochastic are overbought. Use the Technical Stock Screener to see the list of stocks with overbought daily Relative Strength Index and Lane's Stochastic. Use the following link to access Relative Strength Index help.

The daily MACD line is above its signal line since February 7, 2024. This is an indication that the short-term trend is up.

A Parabolic SAR (stop and reversal) indicator (90.02) comes close to the price (90.80). 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.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 80.13
Overbought
Williams' Percentage Range (W%R) 21.30
Lane's Stochastic (%D-Slow) 84.97
Overbought
Greed/Fear Indicator (GFI) 81.28
Overbought
Moving Average Converg./Diverg. (MACD) 1.57
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 78.41
Williams' Percentage Range (W%R) 8.60
Strong Overbought
Lane's Stochastic (%D-Slow) 84.00
Overbought Bearish
Greed/Fear Indicator (GFI) 78.03
Moving Average Converg./Diverg. (MACD) 1.14 Bearish
Trading Signals
Description Value Chart
Upper Bollinger Band 92.15
Daily Stochastic Crossing 91.13
Weekly Stochastic Crossing 90.86
Price 90.80
Parabolic System 90.02
20 Day Moving Average 88.12
50 Day Moving Average 85.05
Lower Bollinger Band 84.30
Sector and Industry
Description Name Rank
Sector
Industry
Daily Trend
Description Value
Direction Up
Chart Pattern Uptrend
Low 82.02
Low Date 02/13/2024
High 91.66
High Date 03/13/2024
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 80.74
Low Date 02/05/2024
High 91.66
High Date 03/13/2024
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 74.33
Low Date 10/23/2023
High 91.66
High Date 03/13/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 66.85
Low Date 09/27/2022
High 91.66
High Date 03/13/2024
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 92.31
High Date 01/05/2022
Low 66.85
Low Date 09/27/2022
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.