- 5/26/2023 -
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Industrial Select Sector SPDR (XLI)
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|It was the negative week for the Industrial Select Sector SPDR (XLI). During the week, the XLI dropped -1.44 points, or -1.44%, and closed at 98.34 on Friday, May 26, 2023. Weekly volume was 15% above average. |
Long-term trend: [See XLI long-term trend chart]
A long-term uptrend had started on March 6, 2009 at 15.14 and reached 107.88 on January 5, 2022. XLI gained -92.74 points, or -612.55%, in 669 weeks. The chart has formed a Rising Channel chart pattern. The price is near the trend resistance line (99.23). The resistance is usually stronger when technical indicators are overbought. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with price testing the trend resistance line in a long-term trend.
Medium-term trend: [See XLI medium-term trend chart]
A medium-term uptrend had started on September 30, 2022 at 82.75 and reached 104.18 on March 6, 2023. XLI gained -21.43 points, or -25.90%, in 22 weeks. The chart has formed a Symmetric Triangle chart pattern. The trend support level is at 99.75 and resistance is at 97.19. A Symmetric Triangle pattern represents the area of indecision, where the movement direction is questioned. Chart pattern analysis usually considers a symmetric triangle chart pattern as a continuation formation which resolves in the direction of larger trend, but it also may mark the trend reversal. Use the following link to access a Symmetric Triangle chart pattern help, or use a Technical Stock Screener to see the list of stocks with Symmetric Triangle pattern in a medium-term trend.
Weekly Technical Indicators: [See XLI weekly technical indicators chart]
Weekly technical indicators are neutral.
The weekly MACD line is below its signal line since March 10, 2023. 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 XLI short-term trend chart]
A short-term downtrend had started on April 3, 2023 at 101.77 and reached 96.74 on May 25, 2023. XLI lost 5.03 points, or 4.94%, in 52 days. The chart has formed a Falling Channel chart pattern.
Daily Technical Indicators: [See XLI daily technical indicators chart]
Daily technical indicators are neutral.
During the last week, daily MACD line has moved below its signal line. Such crossover is considered a bearish signal.
During the last week, the price has declined below the moving average in the center of the Bollinger Bands. The distance between the Bollinger Bands (3.42%) is close to one year low (3.57%). It is 61.47% lower than one year average. It indicates the period of low volatility of the stock price, and it is considered a buy signal for the option traders. 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.
During the last week, the 20 Day Moving Average has crossed below the 50 Day Moving Average. Such crossover is considered a bearish signal. 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.