- 5/26/2023 -
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SPDR Oil & Gas Equipment & Services (XES)
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|It was a second positive week after 4 consecutive negative weeks for the SPDR Oil & Gas Equipment & Services (XES). During the week, the XES climbed 0.16 points, or 0.23%, and closed at 71.00 on Friday, May 26, 2023. Weekly volume was -38% below 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 91.19 on March 3, 2023. XES gained -46.23 points, or -102.82%, in 80 weeks. The price is now at the 43.67% retracement level.
Medium-term trend: [See XES medium-term trend chart]
A medium-term downtrend had started on March 3, 2023 at 91.19 and reached 67.22 on May 4, 2023. XES lost 23.97 points, or 26.29%, in 8 weeks. The chart has formed a Descending Triangle chart pattern. The downtrend resistance line (66.95) 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 XES weekly technical indicators chart]
Weekly Williams' Percentage Range is oversold. Use the Technical Stock Screener to see the list of stocks with weekly oversold Williams' Percentage Range. 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 Williams' Percentage Range help.
The weekly MACD line is below its signal line since March 10, 2023. This is an indication that the medium-term trend is down. Use the following link to access a MACD help.
Short-term trend: [See XES short-term trend chart]
A short-term uptrend had started on May 4, 2023 at 67.22 and reached 73.91 on May 24, 2023. XES gained -6.69 points, or -9.95%, in 20 days. The chart has formed a Rising Channel chart pattern. The trend support level is at 68.51 and resistance is at 74.09. A Rising Channel represents price movement contained between parallel lower (support) and upper (resistance) trend lines. Trading Channeling stocks is one of the most reliable and accurate trading techniques that provide traders with precise entry and exit points as well as stop-losses and take-profit recommendations. Use the following link to access a Rising Channel chart pattern help, or use a Technical Stock Screener to see the list of stocks with Rising Channel pattern in a short-term trend.
Daily Technical Indicators: [See XES daily technical indicators chart]
Daily technical indicators are neutral.
The daily MACD line is above its signal line since May 17, 2023. This is an indication that the short-term trend is up. The distance between MACD and the signal line is low, but getting bigger. It indicates that the current short-term uptrend is getting stronger.
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.
The distance between the Bollinger Bands is falling, and it was 9.07% on Friday. It is 57.43% lower than one year average. It indicates the period of low volatility of the stock price. 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.