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Downtrend ExhaustionArchive
- 4/26/2024 -
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SPDR Oil & Gas Equipment & Services (XES) Technical Analysis
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| Summary:
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| | It was a first positive week for the SPDR Oil & Gas Equipment & Services (XES). During the week, the XES gained 2.13 points, or 2.35%, and closed at 92.66 on Friday, April 26, 2024. XES was trading at average weekly trading volume.
 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 60.01 and resistance is at 108.56. 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 uptrend had started on January 17, 2024 at 76.08 and reached 98.86 on April 8, 2024. XES gained -22.78 points, or -29.94%, in 11 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 79.15 and resistance is at 102.73. 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 medium-term trend.
 Weekly Technical Indicators: [See XES weekly technical indicators chart]
Weekly technical indicators are neutral. During the last week, weekly Lane's Stochastic signal line (%D) has moved below overbought area. 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 link to access Lane's Stochastic help.
The weekly MACD line is above its signal line since March 8, 2024. This is an indication that the medium-term trend is up. Use the following link to access a MACD help.
 Short-term trend: [See XES short-term trend chart]
A short-term downtrend had started on April 8, 2024 at 98.86 and reached 88.71 on April 19, 2024. XES lost 10.15 points, or 10.27%, in 11 days. Price is near the Fibonacci 38.2% retracement level. The Fibonacci retracement level is considered a support/resistance level.
Daily Technical Indicators: [See XES daily technical indicators chart]
Daily technical indicators are neutral. During the last week, daily Lane's Stochastic signal line (%D) has moved above oversold area. Such crossover is considered a bullish signal.
The daily MACD line is below its signal line since April 10, 2024. This is an indication that the short-term trend is down.
During the last week, the price has risen above the Parabolic SAR (stop and reversal). A Parabolic SAR below the price is a bullish signal, and it indicates that momentum is likely to remain in the upward direction. 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.
During the last week, the price has moved above the moving average in the center of the Bollinger Bands. 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.
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