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SPDR Oil & Gas Exploration & Production
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|It was a first positive week after 3 consecutive negative weeks for the SPDR Oil & Gas Exploration & Production (XOP). During the week, the XOP climbed 0.17 points, or 0.57%, and closed at 29.79 on Friday, May 10, 2019. Weekly volume was 13% above average. |
Long-term trend: [See XOP long-term trend chart]
A long-term uptrend had started on January 20, 2016 at 22.06 and reached 45.45 on July 10, 2018. XOP gained -23.39 points, or -106.03%, in 128 weeks. The chart has formed a Descending Triangle chart pattern. The uptrend support line (36.41) 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. XOP 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 long-term trend.
Medium-term trend: [See XOP medium-term trend chart]
A medium-term uptrend had started on February 8, 2019 at 27.80 and reached 33.30 on April 23, 2019. XOP gained -5.50 points, or -19.78%, in 10 weeks. The chart has formed a Broadening Right-Angled, Ascending Wedge chart pattern. The trend support level is at 27.90 and resistance is at 33.88. A Broadening Ascending 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 Right-Angled, Ascending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Right-Angled, Ascending Wedge pattern in a medium-term trend.
Weekly Technical Indicators: [See XOP weekly technical indicators chart]
Weekly technical indicators are neutral.
The weekly MACD line is above its signal line since February 22, 2019. This is an indication that the medium-term trend is up. The distance between MACD and the signal line is low and getting smaller. It indicates that the current medium-term uptrend is getting weak. 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 23, 2019 at 33.30 and reached 28.84 on May 2, 2019. XOP lost 4.46 points, or 13.39%, in 9 days. Price is near the Fibonacci 23.6% retracement level. The Fibonacci retracement level is considered a support/resistance level.
Daily Technical Indicators: [See XOP daily technical indicators chart]
Daily Williams' Percentage Range is oversold. Use the Technical Stock Screener to see the list of stocks with daily oversold Williams' Percentage Range. During the last week, daily Lane's Stochastic signal line (%D) has moved above oversold area. Such crossover is considered a bullish 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 below its signal line since April 24, 2019. This is an indication that the short-term trend is down. The distance between MACD and the signal line is low and getting smaller. It indicates that the current short-term downtrend is getting weak.