The Greedy Trader Weekly Analysis
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- 3/15/2024 -
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Energy Select Sector SPDR (XLE) Technical Analysis

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Summary:
Weekly :Broken trend support lineBroken uptrend resistance line - uptrend exhaustionLane's Stochastic is overboughtWilliams' Percentage Range is strongly overbought
Daily :Broken uptrend resistance line - uptrend exhaustionRelative Strength Index and Williams' Percentage Range are overboughtLane's Stochastic is strongly overboughtThe price is above the upper Bollinger Band
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It was a fifth consecutive positive week for the Energy Select Sector SPDR (XLE). During the week, the XLE gained 3.39 points, or 3.84%, and closed at 91.56 on Friday, March 15, 2024. It was the best weekly gain since January 26, 2024. Weekly volume was -15% below average.

Long-term trend: [See XLE long-term trend chart]
A long-term uptrend had started on March 18, 2020 at 22.88 and reached 94.71 on November 14, 2022. XLE gained -71.83 points, or -313.94%, in 138 weeks. The chart has formed a Ascending Triangle chart pattern. The uptrend support line (92.83) is broken. A broken support is considered to be a long-term bearish 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 support in a long-term trend.

Medium-term trend: [See XLE medium-term trend chart]
A medium-term uptrend had started on January 18, 2024 at 78.98 and reached 92.21 on March 15, 2024. XLE gained -13.23 points, or -16.75%, in 8 weeks. The chart has formed a Rising Wedge chart pattern. The uptrend resistance line (88.79) is broken, while daily and weekly technical indicators are overbought. Uptrend is exhausted and trend reversal is possible soon. 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 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 weekly Lane's Stochastic or strongly 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 links to access Lane's Stochastic and Williams' Percentage Range help.

The weekly MACD line is above its signal line since February 16, 2024. This is an indication that the medium-term trend is up. 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 February 5, 2024 at 82.41 and reached 92.21 on March 15, 2024. XLE gained -9.80 points, or -11.89%, in 39 days. The chart has formed a Rising Channel chart pattern. The uptrend resistance line (88.32) is broken, while daily and weekly technical indicators are overbought. Uptrend is exhausted and trend reversal is possible soon. 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 short-term trend.

Daily Technical Indicators: [See XLE daily technical indicators chart]
Daily Relative Strength Index and Williams' Percentage Range are overbought while Lane's Stochastic is strongly overbought. Use the Technical Stock Screener to see the list of stocks with overbought daily Relative Strength Index and Williams' Percentage Range or strongly overbought daily Lane's Stochastic. Use the following link to access Relative Strength Index help.

The daily MACD line is above its signal line since January 24, 2024. This is an indication that the short-term trend is up.

The price has closed on Friday above the upper Bollinger Band. It is considered a bullish signal. 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.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 81.10
Overbought
Williams' Percentage Range (W%R) 13.10
Overbought
Lane's Stochastic (%D-Slow) 93.52
Strong Overbought
Greed/Fear Indicator (GFI) 87.16
Overbought
Moving Average Converg./Diverg. (MACD) 1.24
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 70.72
Williams' Percentage Range (W%R) 7.50
Strong Overbought
Lane's Stochastic (%D-Slow) 84.63
Overbought
Greed/Fear Indicator (GFI) 78.66
Moving Average Converg./Diverg. (MACD) -0.25
Trading Signals
Description Value Chart
Yearly Trendline Resistance 93.07
Yearly Trendline Support 92.83
Daily Stochastic Crossing 91.79
Price 91.56
Upper Bollinger Band 91.42
Weekly Stochastic Crossing 90.99
Weekly Trendline Resistance 90.39
Parabolic System 89.55
Monthly Trendline Support 88.79
Monthly Trendline Resistance 88.62
Weekly Trendline Support 88.32
20 Day Moving Average 87.39
50 Day Moving Average 84.71
Lower Bollinger Band 83.87
Sector and Industry
Description Name Rank
Sector
Industry
Daily Trend
Description Value
Direction Up
Chart Pattern Uptrend
Low 85.97
Low Date 03/05/2024
High 92.21
High Date 03/15/2024
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Rising Channel
Status Broken Resistance
Resistance 90.39
Support 88.32
Low 82.41
Low Date 02/05/2024
High 92.21
High Date 03/15/2024
Description Value
Direction Up
Chart Pattern Rising Wedge
Status Broken Resistance
Resistance 88.62
Support 88.79
Low 78.98
Low Date 01/18/2024
High 92.21
High Date 03/15/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 93.69
High Date 09/14/2023
Low 78.98
Low Date 01/18/2024
Description Value
Direction Up
Chart Pattern Ascending Triangle
Status Broken Support
Resistance 93.07
Support 92.83
Low 22.88
Low Date 03/18/2020
High 94.71
High Date 11/14/2022
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.