The Greedy Trader Weekly Analysis
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- 2/23/2024 -
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Health Care Select Sector SPDR (XLV) Technical Analysis

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Summary:
Weekly :Relative Strength Index, Williams' Percentage Range and Lane's Stochastic are strongly overboughtLane's Stochastic bearish divergence
Daily :Lane's Stochastic is overboughtWilliams' Percentage Range is strongly overboughtLane's Stochastic and MACD bearish divergenceThe price touches the upper Bollinger Band
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It was a fourth consecutive positive week for the Health Care Select Sector SPDR (XLV). During the week, the XLV gained 2.24 points, or 1.54%, and closed at 147.86 on Friday, February 23, 2024. Weekly volume was -6% below average.

Long-term trend: [See XLV long-term trend chart]
A long-term uptrend had started on June 16, 2022 at 118.75 and reached 148.27 on February 23, 2024. XLV gained -29.52 points, or -24.86%, in 88 weeks. Price is near the trend high.

Medium-term trend: [See XLV medium-term trend chart]
A medium-term uptrend had started on October 27, 2023 at 122.59 and reached 148.27 on February 23, 2024. XLV gained -25.68 points, or -20.95%, in 17 weeks. The chart has formed a Rising Channel chart pattern. The trend support level is at 144.89 and resistance is at 150.44. 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 medium-term trend.

Weekly Technical Indicators: [See XLV weekly technical indicators chart]
Weekly Relative Strength Index, 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 Relative Strength Index, Williams' Percentage Range and Lane's Stochastic. Weekly Lane's Stochastic has bearish divergence. Use the following links to access the Lane's Stochastic help, or use the Technical Stock Screener to see the list of stocks with weekly Lane's Stochastic 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, Relative Strength Index and Williams' Percentage Range help.

The weekly MACD line is above its signal line since December 1, 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 XLV short-term trend chart]
A short-term uptrend had started on January 25, 2024 at 137.21 and reached 148.27 on February 23, 2024. XLV gained -11.06 points, or -8.06%, in 29 days. Price is near the trend high.

Daily Technical Indicators: [See XLV daily technical indicators chart]
Daily 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 daily Lane's Stochastic or strongly overbought daily Williams' Percentage Range. Daily 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 daily Lane's Stochastic and MACD bearish divergence.

The daily MACD line is above its signal line since February 2, 2024. This is an indication that the short-term trend is up.

The price touches the upper Bollinger Band. 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.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 78.63
Williams' Percentage Range (W%R) 6.50
Strong Overbought
Lane's Stochastic (%D-Slow) 81.46
Overbought Bearish
Greed/Fear Indicator (GFI) 84.52
Overbought
Moving Average Converg./Diverg. (MACD) 1.82 Bearish
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 94.35
Strong Overbought
Williams' Percentage Range (W%R) 2.40
Strong Overbought
Lane's Stochastic (%D-Slow) 91.17
Strong Overbought Bearish
Greed/Fear Indicator (GFI) 86.89
Overbought
Moving Average Converg./Diverg. (MACD) 1.87
Trading Signals
Description Value Chart
Monthly Trendline Resistance 150.44
Upper Bollinger Band 148.21
Price 147.86
Weekly Stochastic Crossing 147.35
Daily Stochastic Crossing 147.19
Monthly Trendline Support 144.89
Parabolic System 143.60
20 Day Moving Average 143.55
50 Day Moving Average 139.97
Lower Bollinger Band 139.23
Sector and Industry
Description Name Rank
Sector
Industry
Daily Trend
Description Value
Direction Up
Chart Pattern Uptrend
Low 142.15
Low Date 02/13/2024
High 148.27
High Date 02/23/2024
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 137.21
Low Date 01/25/2024
High 148.27
High Date 02/23/2024
Description Value
Direction Up
Chart Pattern Rising Channel
Status Valid
Resistance 150.44
Support 144.89
Low 122.59
Low Date 10/27/2023
High 148.27
High Date 02/23/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 118.75
Low Date 06/16/2022
High 148.27
High Date 02/23/2024
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 21.63
Low Date 03/06/2009
High 148.27
High Date 02/23/2024
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.