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Downtrend Broken Resist.Archive
- 9/27/2024 -
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SPDR Oil & Gas Equipment & Services (XES) Technical Analysis
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| Summary:
| | Weekly :  | | Daily :
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| | It was the negative week for the SPDR Oil & Gas Equipment & Services (XES). During the week, the XES dropped -3.95 points, or -4.68%, and closed at 80.50 on Friday, September 27, 2024. Weekly volume was -31% below average.
 Long-term trend: [See XES long-term trend chart]
A long-term uptrend had started on January 17, 2024 at 76.08 and reached 99.21 on July 31, 2024. XES gained -23.13 points, or -30.40%, in 28 weeks. The price is now at the 80.89% retracement level.
 Medium-term trend: [See XES medium-term trend chart]
A medium-term downtrend had started on July 31, 2024 at 99.21 and reached 75.26 on September 11, 2024. XES lost 23.95 points, or 24.14%, in 6 weeks. Price is near the Fibonacci 23.6% retracement level. The Fibonacci retracement level is considered a support/resistance level.
 Weekly Technical Indicators: [See XES weekly technical indicators chart]
Weekly Williams' Percentage Range and Lane's Stochastic are oversold. Use the Technical Stock Screener to see the list of stocks with weekly oversold 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 below its signal line since August 2, 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 XES short-term trend chart]
A short-term uptrend had started on September 11, 2024 at 75.26 and reached 86.39 on September 24, 2024. XES gained -11.13 points, or -14.79%, in 13 days. The price is now at the 52.92% retracement level.
 Daily Technical Indicators: [See XES daily technical indicators chart]
Daily technical indicators are neutral. During the last week, daily Lane's Stochastic main line (%K) has declined below the overbought signal line (%D). Such crossover is considered a bearish signal.
The daily MACD line is above its signal line since September 16, 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.
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.
 Candlestick pattern: [See XES candlestick chart pattern]
On Friday the chart has formed a Bearish Downside Tasuki Gap Candlestick pattern. This is a rare continuation formation that appears in a strongly downward moving market. The reliability of the Bearish Downside Tasuki Gap pattern is medium. Use the Technical Stock Screener to see the list of stocks that had a Bearish Downside Tasuki Gap Candlestick pattern during the last week.
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