The Greedy Trader Weekly Analysis
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Select Sector SPDR ETFs Technical Analysis

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- 11/20/2020 -
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Energy Select Sector SPDR (XLE)

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Summary:
Weekly :Broken trend resistance line
Daily :Williams' Percentage Range and Lane's Stochastic are overboughtStochastic has declined below the signal lineThe price has fallen below the Parabolic SAR20 Day Moving Average has crossed above the 50 Day Moving Average
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It was a third consecutive positive week for the Energy Select Sector SPDR (XLE). During the week, the XLE gained 1.93 points, or 5.70%, and closed at 35.81 on Friday, November 20, 2020. Weekly volume was 29% above average.

Long-term trend: [See XLE long-term trend chart]
A long-term downtrend had started on May 22, 2018 at 79.42 and reached 22.88 on March 18, 2020. XLE lost 56.54 points, or 71.19%, in 95 weeks. The chart has formed a Broadening Descending Wedge chart pattern. The trend support level is at 5.76 and resistance is at 40.58. A Broadening Descending Wedge pattern is considered to be a reversal formation. It usually appears in a mature trend, characterized by overbought/oversold long-term and short-term indicators, and often generates divergence on long-term indicators. Use the following link to access a Broadening Descending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Descending Wedge pattern in a long-term trend.

Medium-term trend: [See XLE medium-term trend chart]
A medium-term downtrend had started on June 8, 2020 at 46.88 and reached 26.98 on October 29, 2020. XLE lost 19.90 points, or 42.45%, in 20 weeks. The chart has formed a Falling Wedge chart pattern. The downtrend resistance line (25.20) 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. XLE 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 medium-term trend.

Weekly Technical Indicators: [See XLE weekly technical indicators chart]
Weekly technical indicators are neutral.

The weekly MACD line is above its signal line since November 6, 2020. The distance between MACD and the signal line is low, but getting bigger. Use the following link to access a MACD help.

Short-term trend: [See XLE short-term trend chart]
A short-term uptrend had started on October 29, 2020 at 26.98 and reached 36.93 on November 18, 2020. XLE gained -9.95 points, or -36.88%, in 20 days. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 31.86 and resistance is at 38.26. Use the following link to access a Broadening Ascending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Ascending Wedge pattern in a short-term trend.

Daily Technical Indicators: [See XLE daily technical indicators chart]
Daily Williams' Percentage Range and Lane's Stochastic are overbought. Use the Technical Stock Screener to see the list of stocks with overbought daily Williams' Percentage Range and Lane's Stochastic. 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. 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 links to access Lane's Stochastic and Williams' Percentage Range help.

The daily MACD line is above its signal line since October 30, 2020. This is an indication that the short-term trend is up. The distance between MACD and the signal line is relatively high, but getting smaller. It indicates that the current short-term uptrend is still strong, and momentum is beginning to wane.

During the last week, the price has fallen below the Parabolic SAR (stop and reversal). A Parabolic SAR above the price is a bearish signal, and it indicates that momentum is likely to remain in the downward direction. A Parabolic SAR is used as a trailing stop loss for long or short positions. It works best during strong trending periods. Use the following links to access Parabolic SAR Help, or use the Technical Stock Screener to see the list of stocks with the Parabolic SAR close to the price level.

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.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 73.37
Williams' Percentage Range (W%R) 10.20
Overbought
Lane's Stochastic (%D-Slow) 87.03
Overbought
Greed/Fear Indicator (GFI) 83.38
Overbought
Moving Average Converg./Diverg. (MACD) 0.88
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 44.76
Williams' Percentage Range (W%R) 28.80
Lane's Stochastic (%D-Slow) 47.36
Greed/Fear Indicator (GFI) 56.18
Moving Average Converg./Diverg. (MACD) -3.02
Trading Signals
Description Value Chart
Quarterly Trendline Resistance 40.58
Upper Bollinger Band 39.00
Weekly Trendline Resistance 38.26
Daily Stochastic Crossing 36.20
Parabolic System 36.11
Price 35.81
Weekly Stochastic Crossing 32.41
20 Day Moving Average 31.89
Weekly Trendline Support 31.86
50 Day Moving Average 31.26
Lower Bollinger Band 26.93
Sector and Industry
Description Name Rank
Sector
Industry
Daily Trend
Description Value
Direction Down
Chart Pattern DownTrend
High 36.93
High Date 11/18/2020
Low 34.81
Low Date 11/19/2020
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Broadening Ascending Wedge
Status Valid
Resistance 38.26
Support 31.86
Low 26.98
Low Date 10/29/2020
High 36.93
High Date 11/18/2020
Description Value
Direction Down
Chart Pattern Falling Wedge
Status Broken Resistance
Resistance 26.58
Support 25.20
High 46.88
High Date 06/08/2020
Low 26.98
Low Date 10/29/2020
Quarterly Trend
Yearly Trend
Description Value
Direction Down
Chart Pattern Broadening Descending Wedge
Status Valid
Resistance 40.58
Support 5.76
High 79.42
High Date 05/22/2018
Low 22.88
Low Date 03/18/2020
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 101.52
High Date 06/23/2014
Low 22.88
Low Date 03/18/2020
Warning: TheGreedyTrader.com presents weekly analysis. Technical indicators and trend parameters are calculated for the close of business day indicated on the top right corner of the screen.

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