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Downtrend Broken Resist.Archive
- 4/26/2024 -
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Technology Select Sector SPDR (XLK) Technical Analysis
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| Summary:
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| | It was a first positive week after 4 consecutive negative weeks for the Technology Select Sector SPDR (XLK). During the week, the XLK gained 7.30 points, or 3.79%, and closed at 199.83 on Friday, April 26, 2024. It was the best weekly gain since January 19, 2024. Weekly volume was -15% below average.
 Long-term trend: [See XLK long-term trend chart]
A long-term uptrend had started on October 13, 2022 at 112.97 and reached 212.35 on March 8, 2024. XLK gained -99.38 points, or -87.97%, in 73 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 181.94 and resistance is at 222.65. 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 XLK medium-term trend chart]
A medium-term uptrend had started on October 26, 2023 at 159.50 and reached 212.35 on March 8, 2024. XLK gained -52.85 points, or -33.13%, in 19 weeks. The chart has formed a Rising Wedge chart pattern. The uptrend support line (221.79) is broken. A broken support is considered to be a long-term bearish signal. 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 XLK weekly technical indicators chart]
Weekly technical indicators are neutral.
The weekly MACD line is below its signal line since April 5, 2024. Use the following link to access a MACD help.
 Short-term trend: [See XLK short-term trend chart]
A short-term downtrend had started on March 8, 2024 at 212.35 and reached 192.04 on April 19, 2024. XLK lost 20.31 points, or 9.56%, in 42 days. The chart has formed a Falling Channel chart pattern. The downtrend support line (202.59) is broken. Usually a broken support is considered to be a long-term bearish signal, although a short-term pull back is possible. 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 short-term trend.
Daily Technical Indicators: [See XLK daily technical indicators chart]
Daily technical indicators are neutral. During the last week, daily 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 link to access Lane's Stochastic help.
The daily MACD line is below its signal line since March 7, 2024. This is an indication that the short-term trend is down. The distance between MACD and the signal line is low and getting smaller. It indicates that the current short-term downtrend is getting weak.
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.
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