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Uptrend Broken SupportArchive
- 12/13/2024 -
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Energy Select Sector SPDR (XLE) Technical Analysis
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| Summary:
| | Weekly :  | | Daily :
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| | It was the negative week for the Energy Select Sector SPDR (XLE). During the week, the XLE dropped -1.80 points, or -1.98%, and closed at 89.22 on Friday, December 13, 2024. Weekly volume was -25% 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 (105.98) is broken. Usually a broken support is considered to be a long-term bearish signal, but since daily indicators are oversold a short-term pull back is possible. XLE may retest the broken support line. It is considered to be a resistance 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 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 (77.91) is broken. A broken support is considered to be a long-term bullish 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 resistance line in a medium-term trend.
 Weekly Technical Indicators: [See XLE weekly technical indicators chart]
Weekly technical indicators are neutral.
The weekly MACD line is above its signal line since November 1, 2024. The distance between MACD and the signal line is low and getting smaller. Use the following link to access a MACD help.
 Short-term trend: [See XLE short-term trend chart]
A short-term downtrend had started on November 22, 2024 at 97.92 and reached 88.97 on December 13, 2024. XLE lost 8.95 points, or 9.14%, in 21 days. Price is near the trend low.
 Daily Technical Indicators: [See XLE daily technical indicators chart]
Daily Williams' Percentage Range is oversold while Relative Strength Index and Lane's Stochastic are strongly oversold. Use the Technical Stock Screener to see the list of stocks with oversold daily Williams' Percentage Range or strongly oversold daily Relative Strength Index and Lane's Stochastic. During the last week, daily Lane's Stochastic main line (%K) has rallied above the oversold signal line (%D). Such crossover is considered a bullish signal. 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, Relative Strength Index and Williams' Percentage Range help.
The daily MACD line is below its signal line since November 26, 2024. This is an indication that the short-term trend is down.
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