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Select Sector SPDR ETFs Technical Analysis - XLBArchive
- 7/19/2024 -
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Materials Select Sector SPDR (XLB) Technical Analysis
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| Summary:
| | Weekly : | | Daily :
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| | It was the negative week for the Materials Select Sector SPDR (XLB). During the week, the XLB gave back -0.42 points, or -0.46%, and closed at 90.11 on Friday, July 19, 2024. Weekly volume was -22% below average.
 Long-term trend: [See XLB long-term trend chart]
A long-term uptrend had started on March 6, 2009 at 17.83 and reached 93.72 on April 4, 2024. XLB gained -75.89 points, or -425.63%, in 786 weeks. The chart has formed a Rising Channel chart pattern. The uptrend resistance line (69.74) is broken. Usually a broken resistance is considered to be a long-term bullish signal, although a short-term pull back is possible. 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 XLB medium-term trend chart]
A medium-term uptrend had started on September 27, 2022 at 66.85 and reached 93.72 on April 4, 2024. XLB gained -26.87 points, or -40.19%, in 79 weeks. The chart has formed a Rising Channel chart pattern. The trend support level is at 79.20 and resistance is at 95.73. 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 XLB weekly technical indicators chart]
Weekly technical indicators are neutral.
The weekly MACD line is below its signal line since May 24, 2024. 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 July 2, 2024 at 86.41 and reached 92.38 on July 17, 2024. XLB gained -5.97 points, or -6.91%, in 15 days. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 88.90 and resistance is at 93.50. 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 short-term trend.
 Daily Technical Indicators: [See XLB daily technical indicators chart]
Daily Lane's Stochastic is overbought. Use the Technical Stock Screener to see the list of stocks with overbought daily Lane's Stochastic. 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 Lane's Stochastic help.
The daily MACD line is above its signal line since July 10, 2024. This is an indication that the short-term trend is up.
Price is close to the 50 Day Moving Average. While 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.
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