The Greedy Trader Weekly Analysis
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- 6/7/2024 -
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SPDR Oil & Gas Equipment & Services (XES) Technical Analysis

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Summary:
Weekly :Weekly  MACD line has moved below its signal line
Daily :20 Day Moving Average has crossed below the 50 Day Moving AverageWilliams' Percentage Range and Lane's Stochastic are oversoldThe price has declined below the moving average in the center of the Bollinger Bands
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It was the negative week for the SPDR Oil & Gas Equipment & Services (XES). During the week, the XES dropped -6.93 points, or -7.39%, and closed at 86.81 on Friday, June 7, 2024. Weekly volume was 80% above average.

Long-term trend: [See XES long-term trend chart]
A long-term uptrend had started on August 19, 2021 at 44.96 and reached 100.81 on September 12, 2023. XES gained -55.85 points, or -124.22%, in 107 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 60.66 and resistance is at 109.99. 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 XES medium-term trend chart]
A medium-term downtrend had started on April 8, 2024 at 98.86 and reached 85.84 on June 4, 2024. XES lost 13.02 points, or 13.17%, in 8 weeks. The price is now at the 7.45% retracement level.

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

During the last week, weekly MACD line has moved below its signal line. Such crossover is considered a bearish signal. Use the following link to access a MACD help.

Short-term trend: [See XES short-term trend chart]
A short-term downtrend had started on May 21, 2024 at 96.71 and reached 85.84 on June 4, 2024. XES lost 10.87 points, or 11.24%, in 14 days. The price is now at the 8.92% retracement level.

Daily Technical Indicators: [See XES daily technical indicators chart]
Daily Williams' Percentage Range and Lane's Stochastic are strongly oversold. Use the Technical Stock Screener to see the list of stocks with daily strongly oversold 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 daily MACD line is below its signal line since May 22, 2024. This is an indication that the short-term trend is down.

During the last week, the price has declined below the moving average in the center of the Bollinger Bands. The Bollinger Bands are often used with a non-oscillator indicator like chart patterns or a trendline. The signals are considered more reliable if these indicators confirm the recommendation of the Bollinger Bands. Use the following links to access the Bollinger Bands Help, or use the Technical Stock Screener to see the list of stocks with the price above the Upper Bollinger Band or below the Lower Bollinger Band.

During the last week, the 20 Day Moving Average has crossed below the 50 Day Moving Average. Such crossover is considered a bearish 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) 31.81
Williams' Percentage Range (W%R) 95.20
Strong Oversold
Lane's Stochastic (%D-Slow) 8.32
Strong Oversold
Greed/Fear Indicator (GFI) 14.97
Oversold
Moving Average Converg./Diverg. (MACD) -0.50
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 52.16
Williams' Percentage Range (W%R) 54.90
Lane's Stochastic (%D-Slow) 44.63
Greed/Fear Indicator (GFI) 46.29
Moving Average Converg./Diverg. (MACD) 1.72
Trading Signals
Description Value Chart
Upper Bollinger Band 96.46
50 Day Moving Average 92.27
20 Day Moving Average 91.62
Parabolic System 91.61
Weekly Stochastic Crossing 90.62
Price 86.81
Daily Stochastic Crossing 86.55
Lower Bollinger Band 84.49
Sector and Industry
Description Name Rank
Sector
Industry
Daily Trend
Description Value
Direction Down
Chart Pattern DownTrend
High 96.71
High Date 05/21/2024
Low 85.84
Low Date 06/04/2024
Weekly Trend
Monthly Trend
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 98.86
High Date 04/08/2024
Low 85.84
Low Date 06/04/2024
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 76.08
Low Date 01/17/2024
High 98.86
High Date 04/08/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 100.81
High Date 09/12/2023
Low 76.08
Low Date 01/17/2024
Description Value
Direction Up
Chart Pattern Broadening Ascending Wedge
Status Valid
Resistance 109.99
Support 60.66
Low 44.96
Low Date 08/19/2021
High 100.81
High Date 09/12/2023
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.