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Archive
- 4/19/2024 -
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Energy Select Sector SPDR (XLE) Technical Analysis
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| Summary:
| | Weekly :  | | Daily :
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| | It was the negative week for the Energy Select Sector SPDR (XLE). During the week, the XLE dropped -1.16 points, or -1.21%, and closed at 94.97 on Friday, April 19, 2024. Weekly volume was -8% below average.
 Long-term trend: [See XLE long-term trend chart]
A long-term uptrend had started on March 16, 2023 at 75.36 and reached 98.97 on April 12, 2024. XLE gained -23.61 points, or -31.33%, in 56 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 80.08 and resistance is at 102.20. 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 XLE medium-term trend chart]
A medium-term uptrend had started on January 18, 2024 at 78.98 and reached 98.97 on April 12, 2024. XLE gained -19.99 points, or -25.31%, in 12 weeks. The chart has formed a Rising Channel chart pattern. The uptrend support line (96.99) is broken. Usually a broken support is considered to be a long-term bearish signal, but since daily indicators are oversold a short-term pull back is possible. XLE may retest the broken support line. It is considered to be a resistance 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 support in a medium-term trend.
 Weekly Technical Indicators: [See XLE weekly technical indicators chart]
Weekly Lane's Stochastic is strongly overbought. Use the Technical Stock Screener to see the list of stocks with strongly overbought weekly 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 weekly MACD line is above its signal line since February 16, 2024. This is an indication that the medium-term trend is up. The distance between MACD and the signal line is relatively high, but getting smaller. It indicates that the current medium-term uptrend is still strong, and momentum is beginning to wane. Use the following link to access a MACD help.
 Short-term trend: [See XLE short-term trend chart]
A short-term downtrend had started on April 12, 2024 at 98.97 and reached 93.46 on April 17, 2024. XLE lost 5.51 points, or 5.57%, in 5 days. The price is now at the 27.40% retracement level.
 Daily Technical Indicators: [See XLE daily technical indicators chart]
Daily Lane's Stochastic is oversold. Use the Technical Stock Screener to see the list of stocks with daily oversold Lane's Stochastic.
The daily MACD line is below its signal line since April 11, 2024. This is an indication that the short-term trend is down. The distance between MACD and the signal line is near its high and getting bigger. It indicates that the current short-term downtrend is strong.
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