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Uptrend Broken SupportArchive
- 4/5/2024 -
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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 eighth consecutive positive week for the Energy Select Sector SPDR (XLE). During the week, the XLE gained 3.67 points, or 3.89%, and closed at 98.08 on Friday, April 5, 2024. It was the best weekly gain since January 26, 2024. XLE was trading at average weekly trading volume.
 Long-term trend: [See XLE long-term trend chart]
A long-term uptrend had started on March 16, 2023 at 75.36 and reached 98.47 on April 5, 2024. XLE gained -23.11 points, or -30.67%, in 55 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 79.90 and resistance is at 101.64. 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 98.47 on April 5, 2024. XLE gained -19.49 points, or -24.68%, in 11 weeks. The chart has formed a Rising Wedge chart pattern. The uptrend resistance line (91.12) is broken, while daily and weekly technical indicators are overbought. Uptrend is exhausted and trend reversal is possible soon. 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 XLE weekly technical indicators chart]
Weekly Williams' Percentage Range and Lane's Stochastic are strongly overbought. Use the Technical Stock Screener to see the list of stocks with strongly overbought weekly overbought Williams' Percentage Range and Lane's Stochastic. 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 February 16, 2024. 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 XLE short-term trend chart]
A short-term uptrend had started on February 5, 2024 at 82.41 and reached 98.47 on April 5, 2024. XLE gained -16.06 points, or -19.49%, in 60 days. The chart has formed a Rising Channel chart pattern. The uptrend resistance line (89.95) is broken, while daily and weekly technical indicators are overbought. Uptrend is exhausted and trend reversal is possible soon. 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 short-term trend.
 Daily Technical Indicators: [See XLE daily technical indicators chart]
Daily 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 daily Relative Strength Index or strongly overbought daily Williams' Percentage Range and Lane's Stochastic. 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. Daily Relative Strength Index has bearish divergence. Use the following links to access the Relative Strength Index help, or use the Technical Stock Screener to see the list of stocks with daily Relative Strength Index bearish divergence. The divergence between price and indicator is considering one of the most important buy/sell stocks trading signal. Use the following link to access Relative Strength Index help.
The daily MACD line is above its signal line since January 24, 2024. This is an indication that the short-term trend is up. The distance between MACD and the signal line is relatively high and getting bigger. It indicates that the current short-term uptrend is strong.
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