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Uptrend SupportArchive
- 4/19/2024 -
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Industrial Select Sector SPDR (XLI) Technical Analysis
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| Summary:
| | Weekly :   | | Daily :
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| | It was the negative week for the Industrial Select Sector SPDR (XLI). During the week, the XLI dropped -2.43 points, or -1.98%, and closed at 120.47 on Friday, April 19, 2024. Weekly volume was 8% above average.
 Long-term trend: [See XLI long-term trend chart]
A long-term uptrend had started on March 6, 2009 at 15.14 and reached 126.39 on April 4, 2024. XLI gained -111.25 points, or -734.81%, in 786 weeks. The chart has formed a Rising Channel chart pattern. The uptrend resistance line (91.71) is broken. Usually a broken resistance is considered to be a long-term bullish 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 resistance line in a long-term trend.
 Medium-term trend: [See XLI medium-term trend chart]
A medium-term uptrend had started on October 27, 2023 at 96.11 and reached 126.39 on April 4, 2024. XLI gained -30.28 points, or -31.51%, in 22 weeks. The chart has formed a Rising Wedge chart pattern. The uptrend support line (126.61) 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. XLI 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 XLI weekly technical indicators chart]
Weekly Lane's Stochastic is overbought. Use the Technical Stock Screener to see the list of stocks with overbought weekly 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 November 24, 2023. This is an indication that the medium-term trend is up. Use the following link to access a MACD help.
 Short-term trend: [See XLI short-term trend chart]
A short-term downtrend had started on April 8, 2024 at 126.06 and reached 120.17 on April 19, 2024. XLI lost 5.89 points, or 4.67%, in 11 days. The price is now at the 5.09% retracement level.
 Daily Technical Indicators: [See XLI daily technical indicators chart]
Daily Williams' Percentage Range is oversold while Lane's Stochastic is strongly oversold. Use the Technical Stock Screener to see the list of stocks with oversold daily Williams' Percentage Range or strongly oversold daily Lane's Stochastic. Use the following link to access Williams' Percentage Range help.
The daily MACD line is below its signal line since March 28, 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.
During the last week, the price has crossed below the 50 Day Moving Average. While the medium-term trend is up and daily technical indicators are oversold, the 50 Day Moving Average is considered a support level. 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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