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Select Sector SPDR ETFs Technical Analysis - XLEArchive
- 9/27/2024 -
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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 -1.57 points, or -1.77%, and closed at 87.19 on Friday, September 27, 2024. XLE was trading at average weekly trading volume.
 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 81.98 and resistance is at 103.19. 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 83.02 on September 11, 2024. XLE lost 15.95 points, or 16.12%, in 21 weeks. The price is now at the 26.14% retracement level.
 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. 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 July 18, 2024 at 94.51 and reached 83.02 on September 11, 2024. XLE lost 11.49 points, or 12.16%, in 55 days. The chart has formed a Falling Channel chart pattern. The trend support level is at 81.91 and resistance is at 89.80. A Falling 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 Falling Channel chart pattern help, or use a Technical Stock Screener to see the list of stocks with Falling Channel pattern in a short-term trend.
Daily Technical Indicators: [See XLE daily technical indicators chart]
Daily technical indicators are neutral.
The daily MACD line is above its signal line since September 17, 2024. The distance between MACD and the signal line is low and getting smaller.
During the last week, the price has fallen below the Parabolic SAR (stop and reversal). A Parabolic SAR above the price is a bearish signal, and it indicates that momentum is likely to remain in the downward 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 declined below the moving average in the center of the Bollinger Bands. The Bollinger Bands are often used with a non-oscillator indicator like chart patterns or a trendline. The signals are considered more reliable if these indicators confirm the recommendation of the Bollinger Bands. Use the following links to access the Bollinger Bands Help, or use the Technical Stock Screener to see the list of stocks with the price above the Upper Bollinger Band or below the Lower Bollinger Band.
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