- 3/17/2023 -
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Health Care Select Sector SPDR (XLV)
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|It was a first positive week for the Health Care Select Sector SPDR (XLV). During the week, the XLV gained 1.71 points, or 1.38%, and closed at 125.86 on Friday, March 17, 2023. It was the best weekly gain since December 2, 2022. Weekly volume was 77% above 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 141.77 on December 13, 2022. XLV gained -23.02 points, or -19.39%, in 25 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 121.50 and resistance is at 147.33. 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 XLV medium-term trend chart]
A medium-term downtrend had started on December 13, 2022 at 141.77 and reached 123.60 on March 13, 2023. XLV lost 18.17 points, or 12.82%, in 12 weeks. The chart has formed a Falling Channel chart pattern. The trend support level is at 125.07 and resistance is at 128.37. A Falling 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 Falling Channel chart pattern help, or use a Technical Stock Screener to see the list of stocks with Falling Channel pattern in a medium-term trend.
Weekly Technical Indicators: [See XLV weekly technical indicators chart]
Weekly Relative Strength Index and Lane's Stochastic are oversold. Use the Technical Stock Screener to see the list of stocks with weekly oversold Relative Strength Index and Lane's Stochastic. During the last week, weekly Lane's Stochastic main line (%K) has rallied above the oversold signal line (%D). Such crossover is considered a bullish 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 Relative Strength Index help.
The weekly MACD line is below its signal line since January 27, 2023. This is an indication that the medium-term trend is down. The distance between MACD and the signal line is relatively high and getting bigger. It indicates that the current medium-term downtrend is strong. Use the following link to access a MACD help.
Short-term trend: [See XLV short-term trend chart]
A short-term downtrend had started on December 29, 2022 at 137.04 and reached 123.60 on March 13, 2023. XLV lost 13.44 points, or 9.81%, in 74 days. The price is now at the 16.82% retracement level.
Daily Technical Indicators: [See XLV daily technical indicators chart]
Daily technical indicators are neutral.
During the last week, daily MACD line has moved above its signal line. Such crossover is considered a bullish signal.
Candlestick pattern: [See XLV candlestick chart pattern]
On Friday the chart has formed a Bearish Harami Candlestick pattern. A Bearish Harami pattern occurs in an uptrend. It shows the bulls’ upward drive has weakened and now a trend reversal is possible. The reliability of the Bearish Harami pattern is low. Use the Technical Stock Screener to see the list of stocks that had a Bearish Harami Candlestick pattern during the last week.