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Uptrend SupportArchive
- 12/20/2024 -
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iShares Dow Jones US Oil & Gas Ex Index (IEO) Technical Analysis
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| Summary:
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| | It was the negative week for the iShares Dow Jones US Oil & Gas Ex Index (IEO). During the week, the IEO dropped -6.92 points, or -7.48%, and closed at 85.62 on Friday, December 20, 2024. It was the worst weekly loss since September 6, 2024. IEO was trading at average weekly trading volume.
 Long-term trend: [See IEO long-term trend chart]
A long-term uptrend had started on March 18, 2020 at 17.63 and reached 112.72 on April 12, 2024. IEO gained -95.09 points, or -539.36%, in 212 weeks. The chart has formed a Rising Wedge chart pattern. The uptrend support line (112.44) 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. IEO 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 IEO medium-term trend chart]
A medium-term downtrend had started on April 12, 2024 at 112.72 and reached 84.78 on December 20, 2024. IEO lost 27.94 points, or 24.79%, in 36 weeks. Price is near the trend low.
 Weekly Technical Indicators: [See IEO weekly technical indicators chart]
Weekly Williams' Percentage Range is strongly oversold. Use the Technical Stock Screener to see the list of stocks with weekly strongly oversold 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 below its signal line. Such crossover is considered a bearish signal. Use the following link to access a MACD help.
Short-term trend: [See IEO short-term trend chart]
A short-term downtrend had started on November 25, 2024 at 102.45 and reached 84.78 on December 20, 2024. IEO lost 17.67 points, or 17.25%, in 25 days. Price is near the trend low.
 Daily Technical Indicators: [See IEO daily technical indicators chart]
Daily Relative Strength Index, Williams' Percentage Range and Lane's Stochastic are strongly oversold. Use the Technical Stock Screener to see the list of stocks with daily strongly oversold Relative Strength Index, Williams' Percentage Range and Lane's Stochastic. During the last week, daily Lane's Stochastic main line (%K) has rallied above the oversold signal line (%D). Such crossover is considered a bullish signal. Use the following links to access Lane's Stochastic and Relative Strength Index help.
The daily MACD line is below its signal line since November 29, 2024. This is an indication that the short-term trend is down. The distance between MACD and the signal line is near its high and getting bigger. It indicates that the current short-term downtrend is strong.
The distance between the Bollinger Bands (22.33%) is close to one year high (15.09%). It is 144.00% higher then one year average. It indicates the period of high volatility of the stock price, and it is considered a sell signal for the option traders. 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 20 Day Moving Average has crossed below the 50 Day Moving Average. Such crossover is considered a bearish 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.
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