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Uptrend ExhaustionArchive
- 4/19/2024 -
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SPDR Oil & Gas Exploration & Production (XOP) Technical Analysis
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| Summary:
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| | It was the negative week for the SPDR Oil & Gas Exploration & Production (XOP). During the week, the XOP dropped -4.75 points, or -3.01%, and closed at 153.23 on Friday, April 19, 2024. It was the worst weekly loss since January 19, 2024. Weekly volume was -10% below average.
 Long-term trend: [See XOP long-term trend chart]
A long-term uptrend had started on August 19, 2021 at 71.48 and reached 170.62 on June 8, 2022. XOP gained -99.14 points, or -138.70%, in 41 weeks. The chart has formed a Symmetric Triangle chart pattern. The uptrend resistance line (129.01) 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 XOP medium-term trend chart]
A medium-term downtrend had started on November 14, 2022 at 161.42 and reached 114.16 on March 16, 2023. XOP lost 47.26 points, or 29.28%, in 17 weeks. The chart has formed a Symmetric Triangle chart pattern. The downtrend resistance line (130.36) is broken. A broken support is considered to be a long-term bullish 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 resistance line in a medium-term trend.
 Weekly Technical Indicators: [See XOP weekly technical indicators chart]
Weekly Lane's Stochastic is strongly overbought. Use the Technical Stock Screener to see the list of stocks with strongly overbought weekly overbought 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 February 23, 2024. The distance between MACD and the signal line is relatively high, but getting smaller. Use the following link to access a MACD help.
 Short-term trend: [See XOP short-term trend chart]
A short-term downtrend had started on April 12, 2024 at 162.49 and reached 151.09 on April 18, 2024. XOP lost 11.40 points, or 7.02%, in 6 days. The price is now at the 18.77% retracement level.
 Daily Technical Indicators: [See XOP daily technical indicators chart]
Daily Williams' Percentage Range and Lane's Stochastic are oversold. Use the Technical Stock Screener to see the list of stocks with daily oversold Williams' Percentage Range and Lane's Stochastic. Use the following link to access Williams' Percentage Range help.
The daily MACD line is below its signal line since April 11, 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 declined below 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.
 Candlestick pattern: [See XOP candlestick chart pattern]
On Friday the chart has formed a Bullish Piercing Line Candlestick pattern. This pattern suggests bulls have begun to take charge of the market, and shorts have been shaken by the sudden lost of bearish momentum. The reliability of the Bullish Piercing Line pattern is moderate. Use the Technical Stock Screener to see the list of stocks that had a Bullish Piercing Line Candlestick pattern during the last week.
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