- 9/15/2023 -
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Energy Select Sector SPDR (XLE) Technical Analysis
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|It was the negative week for the Energy Select Sector SPDR (XLE). During the week, the XLE gave back -0.04 points, or -0.04%, and closed at 92.01 on Friday, September 15, 2023. XLE was trading at average weekly trading volume. |
Long-term trend: [See XLE long-term trend chart]
A long-term downtrend had started on November 14, 2022 at 94.71 and reached 75.36 on March 16, 2023. XLE lost 19.35 points, or 20.43%, in 17 weeks. The price is now at the 86.05% retracement level.
Medium-term trend: [See XLE medium-term trend chart]
A medium-term uptrend had started on March 16, 2023 at 75.36 and reached 93.69 on September 14, 2023. XLE gained -18.33 points, or -24.32%, in 26 weeks. The chart has formed a Symmetric Triangle chart pattern. The uptrend resistance line (77.75) 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 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. During the last week, weekly Lane's Stochastic main line (%K) has declined below the overbought signal line (%D). Such crossover is considered a bearish 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 July 14, 2023. This is an indication that the medium-term trend is up. The distance between MACD and the signal line is relatively 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 June 23, 2023 at 76.72 and reached 93.69 on September 14, 2023. XLE gained -16.97 points, or -22.12%, in 83 days. The chart has formed a Rising Channel chart pattern.
Daily Technical Indicators: [See XLE daily technical indicators chart]
Daily Williams' Percentage Range is overbought. Use the Technical Stock Screener to see the list of stocks with overbought daily Williams' Percentage Range. During the last week, daily Lane's Stochastic signal line (%D) has moved below overbought area. Such crossover is considered a bearish signal.
The daily MACD line is above its signal line since August 31, 2023. This is an indication that the short-term trend is up. The distance between MACD and the signal line is low and getting smaller. It indicates that the current short-term uptrend is getting weak.
A Parabolic SAR (stop and reversal) indicator (91.79) comes close to the price (92.01). 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.