Select Sector SPDR ETFs Technical AnalysisArchive
- 11/20/2020 -
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SPDR Oil & Gas Equipment & Services (XES)
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|It was a third consecutive positive week for the SPDR Oil & Gas Equipment & Services (XES). During the week, the XES gained 3.73 points, or 11.02%, and closed at 37.59 on Friday, November 20, 2020. Weekly volume was -29% below average. |
Long-term trend: [See XES long-term trend chart]
A long-term downtrend had started on June 8, 2020 at 47.65 and reached 25.10 on October 29, 2020. XES lost 22.55 points, or 47.32%, in 20 weeks. The chart has formed a Falling Wedge chart pattern. The downtrend resistance line (24.04) 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. XES 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 XES medium-term trend chart]
A medium-term uptrend had started on October 29, 2020 at 25.10 and reached 39.42 on November 18, 2020. XES gained -14.32 points, or -57.05%, in 2 weeks. The chart has formed a Rising Channel chart pattern. The trend support level is at 37.08 and resistance is at 40.93. 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 XES 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.
During the last week, weekly MACD line has moved above its signal line. Such crossover is considered a bullish signal. Use the following link to access a MACD help.
Short-term trend: [See XES short-term trend chart]
A short-term downtrend had started on November 18, 2020 at 39.42 and reached 37.01 on November 19, 2020. XES lost 2.41 points, or 6.11%, in 1 days. Price is near the Fibonacci 23.6% retracement level. The Fibonacci retracement level is considered a support/resistance level.
Daily Technical Indicators: [See XES daily technical indicators chart]
Daily Lane's Stochastic is overbought while Williams' Percentage Range is strongly overbought. Use the Technical Stock Screener to see the list of stocks with overbought daily Lane's Stochastic or strongly overbought daily Williams' Percentage Range. During the last week, daily Lane's Stochastic main line (%K) has declined below the overbought signal line (%D). Such crossover is considered a bearish signal. Use the following link to access Lane's Stochastic help.
The daily MACD line is above its signal line since October 30, 2020.
During the last week, the 20 Day Moving Average 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.