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Select Sector SPDR ETFs Technical AnalysisArchive
- 3/17/2023 -
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SPDR Oil & Gas Equipment & Services (XES) |
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| Summary:
| | Weekly :  | | Daily :
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| | It was the negative week for the SPDR Oil & Gas Equipment & Services (XES). During the week, the XES dropped -10.46 points, or -13.04%, and closed at 69.78 on Friday, March 17, 2023. Weekly volume was 8% above average.
 Long-term trend: [See XES long-term trend chart]
A long-term uptrend had started on August 19, 2021 at 44.96 and reached 91.19 on March 3, 2023. XES gained -46.23 points, or -102.82%, in 80 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 53.65 and resistance is at 120.93. 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 Ascending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Ascending Wedge pattern in a long-term trend.
 Medium-term trend: [See XES medium-term trend chart]
A medium-term uptrend had started on July 14, 2022 at 50.00 and reached 91.19 on March 3, 2023. XES gained -41.19 points, or -82.38%, in 33 weeks. The price is now at the 51.98% retracement level.
 Weekly Technical Indicators: [See XES weekly technical indicators chart]
Weekly Williams' Percentage Range is oversold. Use the Technical Stock Screener to see the list of stocks with weekly 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 XES short-term trend chart]
A short-term downtrend had started on March 3, 2023 at 91.19 and reached 68.65 on March 17, 2023. XES lost 22.54 points, or 24.72%, in 14 days. The price is now at the 5.01% retracement level.
 Daily Technical Indicators: [See XES daily technical indicators chart]
Daily Williams' Percentage Range is oversold while Lane's Stochastic is strongly oversold. Use the Technical Stock Screener to see the list of stocks with oversold daily Williams' Percentage Range or strongly oversold daily Lane's Stochastic. Use the following link to access Lane's Stochastic help.
The daily MACD line is below its signal line since March 8, 2023. 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.
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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