SPDR Oil & Gas Equipment & Services
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|It was a second positive week after 3 consecutive negative weeks for the SPDR Oil & Gas Equipment & Services (XES). During the week, the XES gained 1.66 points, or 11.30%, and closed at 16.35 on Friday, April 13, 2018. Weekly volume was 17% above average. |
Long-term trend: [See XES long-term trend chart]
A long-term downtrend had started on July 1, 2014 at 49.63 and reached 12.62 on January 20, 2016. XES lost 37.01 points, or 74.57%, in 81 weeks. The chart has formed a Ascending Triangle chart pattern. The downtrend resistance line (13.01) 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 August 21, 2017 at 12.90 and reached 19.29 on January 16, 2018. XES gained -6.39 points, or -49.53%, in 21 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The uptrend support line (18.21) 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 medium-term trend.
Weekly Technical Indicators: [See XES weekly technical indicators chart]
Weekly technical indicators are neutral. During the last week, weekly 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 link to access Lane's Stochastic help.
The weekly MACD line is below its signal line since February 16, 2018. The distance between MACD and the signal line is low and getting smaller. Use the following link to access a MACD help.
Short-term trend: [See XES short-term trend chart]
A short-term uptrend had started on April 2, 2018 at 13.88 and reached 16.49 on April 13, 2018. XES gained -2.61 points, or -18.80%, in 11 days. The price is now at the 5.36% retracement 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. Use the following link to access Williams' Percentage Range help.
The daily MACD line is above its signal line since April 4, 2018. This is an indication that the short-term trend is up.
During the last week, the price has moved above 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.
During the last week, the price 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.
Candlestick pattern: [See XES candlestick chart pattern]
On Friday the chart has formed a Bearish Deliberation Candlestick pattern. This pattern occurs in an uptrend;it appears after a sustained upward move and suggests that the rally is losing strength and a reversal is possible. The reliability of the Bearish Deliberation pattern is medium. Use the Technical Stock Screener to see the list of stocks that had a Bearish Deliberation Candlestick pattern during the last week.