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Select Sector SPDR ETFs Technical Analysis - XLEArchive
- 7/19/2024 -
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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 consecutive positive week for the Energy Select Sector SPDR (XLE). During the week, the XLE gained 1.81 points, or 2.00%, and closed at 92.37 on Friday, July 19, 2024. It was the best weekly gain since May 31, 2024. Weekly volume was -18% below average.
 Long-term trend: [See XLE long-term trend chart]
A long-term uptrend had started on March 16, 2023 at 75.36 and reached 98.97 on April 12, 2024. XLE gained -23.61 points, or -31.33%, in 56 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 81.14 and resistance is at 101.41. 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 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 87.60 on June 17, 2024. XLE lost 11.37 points, or 11.49%, in 9 weeks. The chart has formed a Falling Channel chart pattern. The downtrend resistance line (85.72) 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 technical indicators are neutral.
The weekly MACD line is below its signal line since May 31, 2024. This is an indication that the medium-term trend is down. The distance between MACD and the signal line is low and getting smaller. It indicates that the current medium-term downtrend is getting weak. 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 July 10, 2024 at 88.39 and reached 94.51 on July 18, 2024. XLE gained -6.12 points, or -6.92%, in 8 days. The price is now at the 34.97% retracement level.
 Daily Technical Indicators: [See XLE 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.
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.
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.
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