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Uptrend ExhaustionArchive
- 4/19/2024 -
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Materials Select Sector SPDR (XLB) Technical Analysis
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| Summary:
| | Weekly : | | Daily :
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| | It was the negative week for the Materials Select Sector SPDR (XLB). During the week, the XLB dropped -0.96 points, or -1.07%, and closed at 88.96 on Friday, April 19, 2024. Weekly volume was -10% below average.
 Long-term trend: [See XLB long-term trend chart]
A long-term uptrend had started on September 27, 2022 at 66.85 and reached 93.72 on April 4, 2024. XLB gained -26.87 points, or -40.19%, in 79 weeks. The price is now at the 17.71% retracement level.
 Medium-term trend: [See XLB medium-term trend chart]
A medium-term uptrend had started on October 23, 2023 at 74.33 and reached 93.72 on April 4, 2024. XLB gained -19.39 points, or -26.09%, in 23 weeks. The chart has formed a Rising Channel chart pattern. The trend support level is at 87.28 and resistance is at 94.99. A Rising Channel represents price movement contained between parallel lower (support) and upper (resistance) trend lines. Trading Channeling stocks is one of the most reliable and accurate trading techniques that provide traders with precise entry and exit points as well as stop-losses and take-profit recommendations. Use the following link to access a Rising Channel chart pattern help, or use a Technical Stock Screener to see the list of stocks with Rising Channel pattern in a medium-term trend.
 Weekly Technical Indicators: [See XLB 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 XLB short-term trend chart]
A short-term downtrend had started on April 11, 2024 at 91.93 and reached 88.49 on April 16, 2024. XLB lost 3.44 points, or 3.74%, in 5 days. The price is now at the 13.66% retracement level.
 Daily Technical Indicators: [See XLB 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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