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Downtrend Broken Resist.Archive
- 4/26/2024 -
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Consumer Staples Select Sector SPDR (XLP) Technical Analysis
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| Summary:
| | Weekly :  | | Daily :
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| | It was a second consecutive positive week for the Consumer Staples Select Sector SPDR (XLP). During the week, the XLP gained 1.15 points, or 1.54%, and closed at 75.59 on Friday, April 26, 2024. It was the best weekly gain since February 23, 2024. Weekly volume was 11% above average.
 Long-term trend: [See XLP long-term trend chart]
A long-term downtrend had started on April 21, 2022 at 81.34 and reached 65.18 on October 6, 2023. XLP lost 16.16 points, or 19.87%, in 76 weeks. The chart has formed a Falling Wedge chart pattern. The downtrend resistance line (64.62) 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. XLP 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 long-term trend.
 Medium-term trend: [See XLP medium-term trend chart]
A medium-term uptrend had started on October 6, 2023 at 65.18 and reached 76.61 on March 28, 2024. XLP gained -11.43 points, or -17.54%, in 24 weeks. The price is now at the 8.92% retracement level.
 Weekly Technical Indicators: [See XLP weekly technical indicators chart]
Weekly Williams' Percentage Range is overbought. Use the Technical Stock Screener to see the list of stocks with overbought weekly Williams' Percentage Range. 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 Williams' Percentage Range help.
The weekly MACD line is above its signal line since November 24, 2023. This is an indication that the medium-term trend is up. The distance between MACD and the signal line is low, but getting bigger. It indicates that the current medium-term uptrend is getting stronger. Use the following link to access a MACD help.
 Short-term trend: [See XLP short-term trend chart]
A short-term downtrend had started on March 28, 2024 at 76.61 and reached 72.93 on April 16, 2024. XLP lost 3.68 points, or 4.80%, in 19 days. The chart has formed a Falling Channel chart pattern. The downtrend resistance line (71.23) 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. XLP 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 short-term trend.
 Daily Technical Indicators: [See XLP daily technical indicators chart]
Daily Lane's Stochastic is overbought. Use the Technical Stock Screener to see the list of stocks with overbought daily Lane's Stochastic. Use the following link to access Lane's Stochastic help.
During the last week, daily MACD line has moved above its signal line. Such crossover is considered a bullish signal.
During the last week, the price has advanced above the 50 Day Moving Average. Such crossover is considered a bullish signal. The moving average crossover signals work better when the stock develops a strong trend, but they are ineffective when the stock is in a trading range. Moving average crossover systems can be effective, but should be used in conjunction with trend patterns, momentum indicators, candlesticks and other aspects of technical analysis. Use the following links to access Moving Average Crossover trading technique, or use the Technical Stock Screener to see the list of stocks with the Moving Average close to the price level.
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