The Greedy Trader Weekly Analysis
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Select Sector SPDR ETFs Technical Analysis - XES

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- 3/15/2024 -
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SPDR Oil & Gas Equipment & Services (XES) Technical Analysis

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Summary:
Weekly :Weekly  MACD line has moved above its signal lineBroken trend resistance line
Daily :Lane's Stochastic is strongly overboughtThe price is above the upper Bollinger Band
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It was a sixth consecutive positive week for the SPDR Oil & Gas Equipment & Services (XES). During the week, the XES gained 3.95 points, or 4.62%, and closed at 89.53 on Friday, March 15, 2024. It was the best weekly gain since January 26, 2024. Weekly volume was 7% 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 59.37 and resistance is at 107.13. 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 September 12, 2023 at 100.81 and reached 76.08 on January 17, 2024. XES lost 24.73 points, or 24.53%, in 18 weeks. The chart has formed a Falling Wedge chart pattern. The downtrend resistance line (75.41) is broken. Usually a broken resistance is considered to be a long-term bullish signal, but since daily indicators are overbought a short-term pull back is possible. XES may retest the broken resistance line. It is considered to be a support line now. 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 technical indicators are neutral.

During the last week, weekly MACD line has moved above its signal line. Such crossover is considered a bullish signal. 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 February 5, 2024 at 76.65 and reached 90.18 on March 15, 2024. XES gained -13.53 points, or -17.65%, in 39 days. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 84.75 and resistance is at 91.09. 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 short-term trend.

Daily Technical Indicators: [See XES daily technical indicators chart]
Daily Lane's Stochastic is strongly overbought. Use the Technical Stock Screener to see the list of stocks with strongly overbought daily overbought 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 link to access Lane's Stochastic help.

The daily MACD line is above its signal line since February 14, 2024. This is an indication that the short-term trend is up.

The price has closed on Friday above the upper Bollinger Band. It is considered a bullish signal. 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) 76.13
Williams' Percentage Range (W%R) 21.20
Lane's Stochastic (%D-Slow) 92.64
Strong Overbought
Greed/Fear Indicator (GFI) 82.52
Overbought
Moving Average Converg./Diverg. (MACD) 1.19
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 64.09
Williams' Percentage Range (W%R) 27.10
Lane's Stochastic (%D-Slow) 68.81
Greed/Fear Indicator (GFI) 65.42
Moving Average Converg./Diverg. (MACD) -0.83
Trading Signals
Description Value Chart
Yearly Trendline Resistance 107.13
Weekly Trendline Resistance 91.09
Daily Stochastic Crossing 89.62
Price 89.53
Upper Bollinger Band 89.36
Weekly Stochastic Crossing 86.91
Parabolic System 85.89
20 Day Moving Average 84.79
Weekly Trendline Support 84.75
50 Day Moving Average 82.24
Lower Bollinger Band 80.84
Quarterly Trendline Resistance 79.71
Quarterly Trendline Support 75.41
Sector and Industry
Description Name Rank
Sector
Industry
Daily Trend
Description Value
Direction Up
Chart Pattern Uptrend
Low 81.55
Low Date 02/29/2024
High 90.18
High Date 03/15/2024
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Broadening Ascending Wedge
Status Valid
Resistance 91.09
Support 84.75
Low 76.65
Low Date 02/05/2024
High 90.18
High Date 03/15/2024
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 76.08
Low Date 01/17/2024
High 90.18
High Date 03/15/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Down
Chart Pattern Falling Wedge
Status Broken Resistance
Resistance 79.71
Support 75.41
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 107.13
Support 59.37
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.