The Greedy Trader Weekly Analysis
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Select Sector SPDR ETFs Technical Analysis - XES

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- 5/17/2024 -
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SPDR Oil & Gas Equipment & Services (XES) Technical Analysis

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Summary:
Weekly :
Daily :Lane's Stochastic is overboughtWilliams' Percentage Range is strongly overboughtBroken trend resistance line
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It was a second consecutive positive week for the SPDR Oil & Gas Equipment & Services (XES). During the week, the XES gained 2.49 points, or 2.70%, and closed at 94.59 on Friday, May 17, 2024. XES was trading at average weekly trading volume.

Long-term trend: [See XES long-term trend chart]
A long-term uptrend had started on August 19, 2021 at 44.96 and reached 100.81 on September 12, 2023. XES gained -55.85 points, or -124.22%, in 107 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 60.35 and resistance is at 109.30. 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 January 17, 2024 at 76.08 and reached 98.86 on April 8, 2024. XES gained -22.78 points, or -29.94%, in 11 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 88.57 and resistance is at 106.89. 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 medium-term trend.

Weekly Technical Indicators: [See XES weekly technical indicators chart]
Weekly technical indicators are neutral.

The weekly MACD line is above its signal line since March 8, 2024. This is an indication that the medium-term trend is up. The distance between MACD and the signal line is low, but getting bigger. It indicates that the current medium-term uptrend is getting stronger. 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 April 8, 2024 at 98.86 and reached 86.86 on May 1, 2024. XES lost 12.00 points, or 12.14%, in 23 days. The chart has formed a Falling Wedge chart pattern. The downtrend resistance line (84.09) 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 short-term trend.

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. 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 daily MACD line is above its signal line since May 8, 2024.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 55.88
Williams' Percentage Range (W%R) 7.70
Strong Overbought
Lane's Stochastic (%D-Slow) 85.39
Overbought
Greed/Fear Indicator (GFI) 77.86
Moving Average Converg./Diverg. (MACD) 0.32
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 71.42
Williams' Percentage Range (W%R) 20.50
Lane's Stochastic (%D-Slow) 55.29
Greed/Fear Indicator (GFI) 64.55
Moving Average Converg./Diverg. (MACD) 1.42
Trading Signals
Description Value Chart
Yearly Trendline Resistance 109.30
Monthly Trendline Resistance 106.89
Upper Bollinger Band 96.14
Price 94.59
Daily Stochastic Crossing 94.38
Weekly Stochastic Crossing 93.43
50 Day Moving Average 92.00
20 Day Moving Average 91.81
Parabolic System 90.88
Lower Bollinger Band 88.62
Monthly Trendline Support 88.57
Weekly Trendline Resistance 86.89
Weekly Trendline Support 84.09
Sector and Industry
Description Name Rank
Sector
Industry
Daily Trend
Description Value
Direction Up
Chart Pattern Uptrend
Low 86.86
Low Date 05/01/2024
High 94.80
High Date 05/17/2024
Weekly Trend
Monthly Trend
Description Value
Direction Down
Chart Pattern Falling Wedge
Status Broken Resistance
Resistance 86.89
Support 84.09
High 98.86
High Date 04/08/2024
Low 86.86
Low Date 05/01/2024
Description Value
Direction Up
Chart Pattern Broadening Ascending Wedge
Status Valid
Resistance 106.89
Support 88.57
Low 76.08
Low Date 01/17/2024
High 98.86
High Date 04/08/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 100.81
High Date 09/12/2023
Low 76.08
Low Date 01/17/2024
Description Value
Direction Up
Chart Pattern Broadening Ascending Wedge
Status Valid
Resistance 109.30
Support 60.35
Low 44.96
Low Date 08/19/2021
High 100.81
High Date 09/12/2023
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.