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Archive
- 11/15/2024 -
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Energy Select Sector SPDR (XLE) Technical Analysis
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| Summary:
| | Weekly :  | | Daily :
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| | It was a second positive week after 4 consecutive negative weeks for the Energy Select Sector SPDR (XLE). During the week, the XLE gained 0.98 points, or 1.05%, and closed at 94.73 on Friday, November 15, 2024. Weekly volume was -29% below average.
 Long-term trend: [See XLE long-term trend chart]
A long-term uptrend had started on March 18, 2020 at 22.88 and reached 98.97 on April 12, 2024. XLE gained -76.09 points, or -332.56%, in 212 weeks. The chart has formed a Rising Wedge chart pattern. The uptrend support line (104.66) is broken. A broken support is considered to be a long-term bearish signal. 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 support in a long-term trend.
 Medium-term trend: [See XLE medium-term trend chart]
A medium-term downtrend had started on April 12, 2024 at 98.97 and reached 83.02 on September 11, 2024. XLE lost 15.95 points, or 16.12%, in 21 weeks. The chart has formed a Falling Channel chart pattern. The downtrend resistance line (79.33) 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. XLE 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 XLE weekly technical indicators chart]
Weekly Williams' Percentage Range is strongly overbought. Use the Technical Stock Screener to see the list of stocks with strongly overbought weekly overbought 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 1, 2024. 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 XLE short-term trend chart]
A short-term uptrend had started on October 29, 2024 at 87.65 and reached 95.69 on November 15, 2024. XLE gained -8.04 points, or -9.17%, in 17 days. The price is now at the 11.94% retracement level.
 Daily Technical Indicators: [See XLE daily technical indicators chart]
Daily Williams' Percentage Range is overbought while Lane's Stochastic is strongly overbought. Use the Technical Stock Screener to see the list of stocks with overbought daily Williams' Percentage Range or strongly overbought daily Lane's Stochastic. During the last week, daily Lane's Stochastic main line (%K) has declined below the overbought signal line (%D). Such crossover is considered a bearish signal. Daily Lane's Stochastic and MACD have bearish divergence. Use the following links to access the Lane's Stochastic and MACD help, or use the Technical Stock Screener to see the list of stocks with daily Lane's Stochastic and MACD bearish divergence. The divergence between price and indicator is considering one of the most important buy/sell stocks trading signal. Use the following link to access Lane's Stochastic help.
The daily MACD line is above its signal line since November 5, 2024. This is an indication that the short-term trend is up.
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