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Select Sector SPDR ETFs Technical Analysis - XLB

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- 2/16/2024 -
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Materials Select Sector SPDR (XLB) Technical Analysis

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Summary:
Weekly :Williams' Percentage Range is overboughtBroken trend resistance line
Daily :Williams' Percentage Range is overboughtPrice has crossed above the 50 Day Moving AverageThe price has risen above the Parabolic SARThe price is above the upper Bollinger Band
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It was a fourth positive week after 4 consecutive negative weeks for the Materials Select Sector SPDR (XLB). During the week, the XLB gained 2.03 points, or 2.44%, and closed at 85.17 on Friday, February 16, 2024. It was the best weekly gain since December 15, 2023. Weekly volume was -18% below average.

Long-term trend: [See XLB long-term trend chart]
A long-term uptrend had started on September 27, 2022 at 66.85 and reached 86.30 on December 27, 2023. XLB gained -19.45 points, or -29.09%, in 65 weeks. The chart has formed a Ascending Triangle chart pattern. The trend support level is at 76.55 and resistance is at 86.36. An Ascending Triangle is a variation of triangle formation that has a flat resistance line and rising support line. The higher lows indicate an increasing demand and give the ascending triangle definitive bullish bias. An Ascending Triangle usually represents an accumulation stage in bullish market. An Ascending Triangle is considered to be a continuation pattern, especially in an uptrend, but it may also mark a reversal in a downtrend. Use the following link to access a Ascending Triangle chart pattern help, or use a Technical Stock Screener to see the list of stocks with Ascending Triangle pattern in a long-term trend.

Medium-term trend: [See XLB medium-term trend chart]
A medium-term downtrend had started on December 27, 2023 at 86.30 and reached 80.74 on February 5, 2024. XLB lost 5.56 points, or 6.44%, in 5 weeks. The chart has formed a Falling Wedge chart pattern. The downtrend resistance line (80.17) 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. XLB 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 medium-term trend.

Weekly Technical Indicators: [See XLB 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.

The weekly MACD line is above its signal line since November 24, 2023. The distance between MACD and the signal line is low, but getting bigger. Use the following link to access a MACD help.

Short-term trend: [See XLB short-term trend chart]
A short-term uptrend had started on February 5, 2024 at 80.74 and reached 85.75 on February 16, 2024. XLB gained -5.01 points, or -6.21%, in 11 days. The price is now at the 11.58% retracement level.

Daily Technical Indicators: [See XLB daily technical indicators chart]
Daily Williams' Percentage Range is overbought. Use the Technical Stock Screener to see the list of stocks with overbought daily Williams' Percentage Range.

The daily MACD line is above its signal line since February 7, 2024. This is an indication that the short-term trend is up.

During the last week, the price has risen above the Parabolic SAR (stop and reversal). A Parabolic SAR below the price is a bullish signal, and it indicates that momentum is likely to remain in the upward direction. A Parabolic SAR is used as a trailing stop loss for long or short positions. It works best during strong trending periods. Use the following links to access Parabolic SAR Help, or use the Technical Stock Screener to see the list of stocks with the Parabolic SAR close to the price level.

The price has closed on Friday above the upper Bollinger Band. It is considered a bullish signal. 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. While the medium-term trend is down and daily technical indicators are overbought, the 50 Day Moving Average is considered a resistance level. 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) 59.21
Williams' Percentage Range (W%R) 13.40
Overbought
Lane's Stochastic (%D-Slow) 79.15
Greed/Fear Indicator (GFI) 75.00
Moving Average Converg./Diverg. (MACD) 0.00
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 72.46
Williams' Percentage Range (W%R) 10.20
Overbought
Lane's Stochastic (%D-Slow) 45.79
Greed/Fear Indicator (GFI) 64.10
Moving Average Converg./Diverg. (MACD) 0.69
Trading Signals
Description Value Chart
Quarterly Trendline Resistance 86.36
Price 85.17
Upper Bollinger Band 85.12
Daily Stochastic Crossing 84.88
50 Day Moving Average 83.57
Weekly Stochastic Crossing 83.10
20 Day Moving Average 82.95
Monthly Trendline Resistance 82.52
Lower Bollinger Band 81.46
Parabolic System 81.25
Monthly Trendline Support 80.17
Quarterly Trendline Support 76.55
Sector and Industry
Description Name Rank
Sector
Industry
Daily Trend
Description Value
Direction Up
Chart Pattern Uptrend
Low 82.02
Low Date 02/13/2024
High 85.75
High Date 02/16/2024
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 80.74
Low Date 02/05/2024
High 85.75
High Date 02/16/2024
Description Value
Direction Down
Chart Pattern Falling Wedge
Status Broken Resistance
Resistance 82.52
Support 80.17
High 86.30
High Date 12/27/2023
Low 80.74
Low Date 02/05/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Ascending Triangle
Status Valid
Resistance 86.36
Support 76.55
Low 66.85
Low Date 09/27/2022
High 86.30
High Date 12/27/2023
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 92.31
High Date 01/05/2022
Low 66.85
Low Date 09/27/2022
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.