The Greedy Trader Weekly Analysis
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Downtrend Broken Resistance
Downtrend Broken Resistance stock alert presents a technical analysis stock market picking technique based on combination of technical indicators, stock trend analysis, trend following indicators and pattern recognition. Downtrend broken resistance stock market alert is a trend trading warning signal. It is a confirmation that long term downtrend reversal is completed and a new uptrend is establiched.

Unlike other alerts, broken resistance is not a buy/sell signal. It is rather warning signal that trend direction has changed. For entry point it is usually better to wait for pull back and retest of resistance line. This point is considered as a second chance to participate in downtrend reversal.
Technical analysis of stock trend chart following long term trend analysis and trend following indicator for broken resistance trend trading. Stock trend analysis and broken resistance trend following indicators.
trend trading,trend following,stock trend chart,technical analysis of stock trend,trend following indicator,following long term trend,Broken Resistance

SPDR Oil & Gas Equipment & Services (XES)

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Summary:
Weekly :Williams' Percentage Range is overboughtWeekly  MACD line has moved above its signal lineBroken trend resistance line
Daily :Lane's Stochastic is overboughtWilliams' Percentage Range is strongly overboughtStochastic has declined below the signal line20 Day Moving Average has crossed above the 50 Day Moving AveragePrice is near the Fibonacci 23.6% retracement level
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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.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 77.85
Williams' Percentage Range (W%R) 9.10
Strong Overbought
Lane's Stochastic (%D-Slow) 88.42
Overbought
Greed/Fear Indicator (GFI) 85.71
Overbought
Moving Average Converg./Diverg. (MACD) 1.45
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 48.30
Williams' Percentage Range (W%R) 17.00
Overbought
Lane's Stochastic (%D-Slow) 50.65
Greed/Fear Indicator (GFI) 62.20
Moving Average Converg./Diverg. (MACD) -1.28
Trading Signals
Description Value Chart
Upper Bollinger Band 41.47
Quarterly Trendline Resistance 40.93
Daily Stochastic Crossing 38.39
Price 37.59
Quarterly Trendline Support 37.08
Parabolic System 34.55
Weekly Stochastic Crossing 33.38
20 Day Moving Average 31.87
50 Day Moving Average 30.33
Lower Bollinger Band 25.01
Sector and Industry
Description Name Rank
Sector
Industry
Daily Trend
Description Value
Direction Down
Chart Pattern DownTrend
High 39.42
High Date 11/18/2020
Low 37.01
Low Date 11/19/2020
Weekly Trend
Monthly Trend
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 39.42
High Date 11/18/2020
Low 37.01
Low Date 11/19/2020
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 39.42
High Date 11/18/2020
Low 37.01
Low Date 11/19/2020
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Rising Channel
Status Valid
Resistance 40.93
Support 37.08
Low 25.10
Low Date 10/29/2020
High 39.42
High Date 11/18/2020
Description Value
Direction Down
Chart Pattern Falling Wedge
Status Broken Resistance
Resistance 29.76
Support 24.04
High 47.65
High Date 06/08/2020
Low 25.10
Low Date 10/29/2020
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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