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Select Sector SPDR ETFs Technical Analysis - XLE

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- 3/28/2024 -
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Energy Select Sector SPDR (XLE) Technical Analysis

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Summary:
Weekly :Broken uptrend resistance line - uptrend exhaustionBroken uptrend resistance line - uptrend exhaustionWilliams' Percentage Range and Lane's Stochastic are strongly overbought
Daily :Broken uptrend resistance line - uptrend exhaustionRelative Strength Index and Lane's Stochastic are overboughtWilliams' Percentage Range is strongly overboughtRelative Strength Index, Lane's Stochastic and MACD bearish divergence
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It was a seventh consecutive positive week for the Energy Select Sector SPDR (XLE). During the week, the XLE gained 2.04 points, or 2.21%, and closed at 94.41 on Thursday, March 28, 2024. Weekly volume was -8% 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 94.71 on November 14, 2022. XLE gained -71.83 points, or -313.94%, in 138 weeks. The chart has formed a Ascending Triangle chart pattern. The uptrend resistance line (93.46) is broken, while daily and weekly technical indicators are overbought. Uptrend is exhausted and trend reversal is possible soon. 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 XLE medium-term trend chart]
A medium-term uptrend had started on January 18, 2024 at 78.98 and reached 94.58 on March 28, 2024. XLE gained -15.60 points, or -19.75%, in 10 weeks. The chart has formed a Rising Wedge chart pattern. The uptrend resistance line (90.23) is broken, while daily and weekly technical indicators are overbought. Uptrend is exhausted and trend reversal is possible soon. 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 and Lane's Stochastic are strongly overbought. Use the Technical Stock Screener to see the list of stocks with strongly overbought weekly overbought 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 weekly MACD line is above its signal line since February 16, 2024. This is an indication that the medium-term trend is up. The distance between MACD and the signal line is relatively high and getting bigger. It indicates that the current medium-term uptrend is strong. 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 February 5, 2024 at 82.41 and reached 94.58 on March 28, 2024. XLE gained -12.17 points, or -14.77%, in 52 days. The chart has formed a Rising Channel chart pattern. The uptrend resistance line (89.09) is broken, while daily and weekly technical indicators are overbought. Uptrend is exhausted and trend reversal is possible soon. 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 short-term trend.

Daily Technical Indicators: [See XLE daily technical indicators chart]
Daily Relative Strength Index and Lane's Stochastic are overbought while Williams' Percentage Range is strongly overbought. Use the Technical Stock Screener to see the list of stocks with overbought daily Relative Strength Index and Lane's Stochastic or strongly overbought daily Williams' Percentage Range. Daily Relative Strength Index, Lane's Stochastic and MACD have bearish divergence. Use the following links to access the Relative Strength Index, Lane's Stochastic and MACD help, or use the Technical Stock Screener to see the list of stocks with daily Relative Strength Index, 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 Relative Strength Index help.

The daily MACD line is above its signal line since January 24, 2024. This is an indication that the short-term trend is up. The distance between MACD and the signal line is low and getting smaller. It indicates that the current short-term uptrend is getting weak.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 82.77
Overbought Bearish
Williams' Percentage Range (W%R) 7.30
Strong Overbought
Lane's Stochastic (%D-Slow) 83.51
Overbought Bearish
Greed/Fear Indicator (GFI) 86.32
Overbought
Moving Average Converg./Diverg. (MACD) 1.89 Bearish
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 70.85
Williams' Percentage Range (W%R) 4.00
Strong Overbought
Lane's Stochastic (%D-Slow) 93.49
Strong Overbought
Greed/Fear Indicator (GFI) 83.67
Overbought
Moving Average Converg./Diverg. (MACD) 0.13
Trading Signals
Description Value Chart
Upper Bollinger Band 95.58
Price 94.41
Weekly Stochastic Crossing 94.01
Daily Stochastic Crossing 93.96
Yearly Trendline Support 93.46
Yearly Trendline Resistance 93.03
Parabolic System 92.09
Weekly Trendline Resistance 91.16
20 Day Moving Average 90.43
Monthly Trendline Support 90.23
Monthly Trendline Resistance 89.84
Weekly Trendline Support 89.09
50 Day Moving Average 86.54
Lower Bollinger Band 85.71
Sector and Industry
Description Name Rank
Sector
Industry
Daily Trend
Description Value
Direction Up
Chart Pattern Uptrend
Low 92.18
Low Date 03/27/2024
High 94.58
High Date 03/28/2024
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Rising Channel
Status Broken Resistance
Resistance 91.16
Support 89.09
Low 82.41
Low Date 02/05/2024
High 94.58
High Date 03/28/2024
Description Value
Direction Up
Chart Pattern Rising Wedge
Status Broken Resistance
Resistance 89.84
Support 90.23
Low 78.98
Low Date 01/18/2024
High 94.58
High Date 03/28/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 93.69
High Date 09/14/2023
Low 78.98
Low Date 01/18/2024
Description Value
Direction Up
Chart Pattern Ascending Triangle
Status Broken Resistance
Resistance 93.03
Support 93.46
Low 22.88
Low Date 03/18/2020
High 94.71
High Date 11/14/2022
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.