The Greedy Trader Weekly Analysis
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Select Sector SPDR ETFs Technical Analysis

Archive
- 3/17/2023 -
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Materials Select Sector SPDR (XLB)

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Summary:
Weekly :Weekly  MACD line has moved below its signal line
Daily :Williams' Percentage Range and Lane's Stochastic are oversold
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It was the negative week for the Materials Select Sector SPDR (XLB). During the week, the XLB dropped -2.67 points, or -3.42%, and closed at 75.51 on Friday, March 17, 2023. Weekly volume was 101% above 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 92.31 on January 5, 2022. XLB gained -74.48 points, or -417.72%, in 669 weeks. The chart has formed a Rising Channel chart pattern. The trend support level is at 60.33 and resistance is at 78.01. 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 long-term trend.

Medium-term trend: [See XLB medium-term trend chart]
A medium-term downtrend had started on January 5, 2022 at 92.31 and reached 66.85 on September 27, 2022. XLB lost 25.46 points, or 27.58%, in 37 weeks. The chart has formed a Broadening Descending Wedge chart pattern. The trend support level is at 56.36 and resistance is at 88.94. A Broadening Descending 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 Descending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Descending Wedge pattern in a medium-term trend.

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

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 XLB short-term trend chart]
A short-term downtrend had started on March 3, 2023 at 84.64 and reached 74.77 on March 15, 2023. XLB lost 9.87 points, or 11.66%, in 12 days. The price is now at the 7.50% retracement level.

Daily Technical Indicators: [See XLB daily technical indicators chart]
Daily Williams' Percentage Range and Lane's Stochastic are oversold. Use the Technical Stock Screener to see the list of stocks with daily oversold Williams' Percentage Range and 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 links to access Lane's Stochastic and Williams' Percentage Range 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 relatively high and getting bigger. It indicates that the current short-term downtrend is strong.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 32.24
Williams' Percentage Range (W%R) 83.20
Oversold
Lane's Stochastic (%D-Slow) 13.51
Oversold
Greed/Fear Indicator (GFI) 20.86
Moving Average Converg./Diverg. (MACD) -0.80
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 39.39
Williams' Percentage Range (W%R) 64.70
Lane's Stochastic (%D-Slow) 45.62
Greed/Fear Indicator (GFI) 42.96
Moving Average Converg./Diverg. (MACD) 0.94
Trading Signals
Description Value Chart
Quarterly Trendline Resistance 88.94
Monthly Trendline Resistance 87.35
Monthly Trendline Support 85.83
Upper Bollinger Band 84.78
50 Day Moving Average 81.72
Parabolic System 80.97
20 Day Moving Average 80.30
Weekly Stochastic Crossing 79.38
Yearly Trendline Resistance 78.01
Daily Stochastic Crossing 75.91
Price 75.51
Lower Bollinger Band 74.80
Sector and Industry
Description Name Rank
Sector
Industry
Daily Trend
Description Value
Direction Down
Chart Pattern DownTrend
High 84.64
High Date 03/03/2023
Low 74.77
Low Date 03/15/2023
Weekly Trend
Monthly Trend
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 85.90
High Date 02/01/2023
Low 74.77
Low Date 03/15/2023
Description Value
Direction Up
Chart Pattern Rising Wedge
Status Broken Support
Resistance 87.35
Support 85.83
Low 66.85
Low Date 09/27/2022
High 85.90
High Date 02/01/2023
Quarterly Trend
Yearly Trend
Description Value
Direction Down
Chart Pattern Broadening Descending Wedge
Status Valid
Resistance 88.94
Support 56.36
High 92.31
High Date 01/05/2022
Low 66.85
Low Date 09/27/2022
Description Value
Direction Up
Chart Pattern Rising Channel
Status Valid
Resistance 78.01
Support 60.33
Low 17.83
Low Date 03/06/2009
High 92.31
High Date 01/05/2022
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.

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