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Archive
- 12/13/2024 -
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Consumer Staples Select Sector SPDR (XLP) Technical Analysis
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| Summary:
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| | It was the negative week for the Consumer Staples Select Sector SPDR (XLP). During the week, the XLP gave back -0.34 points, or -0.41%, and closed at 82.04 on Friday, December 13, 2024. Weekly volume was -17% below average.
 Long-term trend: [See XLP long-term trend chart]
A long-term uptrend had started on October 6, 2023 at 65.18 and reached 84.53 on September 16, 2024. XLP gained -19.35 points, or -29.69%, in 49 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 81.01 and resistance is at 88.79. 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 XLP medium-term trend chart]
A medium-term uptrend had started on November 6, 2024 at 79.36 and reached 83.30 on November 29, 2024. XLP gained -3.94 points, or -4.96%, in 3 weeks. The chart has formed a Symmetric Triangle chart pattern. The uptrend support line (82.32) 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. XLP 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 medium-term trend.
 Weekly Technical Indicators: [See XLP weekly technical indicators chart]
Weekly technical indicators are neutral.
The weekly MACD line is below its signal line since October 18, 2024. Use the following link to access a MACD help.
 Short-term trend: [See XLP short-term trend chart]
A short-term downtrend had started on November 29, 2024 at 83.30 and reached 81.63 on December 13, 2024. XLP lost 1.67 points, or 2.00%, in 14 days. Price is near the Fibonacci 23.6% retracement level. The Fibonacci retracement level is considered a support/resistance level.
 Daily Technical Indicators: [See XLP daily technical indicators chart]
Daily Lane's Stochastic is oversold. Use the Technical Stock Screener to see the list of stocks with daily oversold 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.
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 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.
The price is close to 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.
Price is close to the 50 Day Moving Average. While daily technical indicators are oversold, the 50 Day Moving Average is considered a support 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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