The Greedy Trader Weekly Analysis
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Downtrend Broken Resistance

Downtrend Broken Resistance stock alert presents a technical analysis stock market picking technique based on combination of technical indicators, stock trend analysis, trend following indicators and pattern recognition. Downtrend broken resistance stock market alert is a trend trading warning signal. It is a confirmation that long term downtrend reversal is completed and a new uptrend is establiched.

Unlike other alerts, broken resistance is not a buy/sell signal. It is rather warning signal that trend direction has changed. For entry point it is usually better to wait for pull back and retest of resistance line. This point is considered as a second chance to participate in downtrend reversal.

Downtrend Broken Resist.

Archive
- 2/16/2024 -
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Industrial Select Sector SPDR (XLI) Technical Analysis

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Summary:
Weekly :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
Daily :Lane's Stochastic is overboughtWilliams' Percentage Range is strongly overboughtStochastic has declined below the signal lineLane's Stochastic and MACD bearish divergence
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It was a sixth consecutive positive week for the Industrial Select Sector SPDR (XLI). During the week, the XLI climbed 1.08 points, or 0.92%, and closed at 118.03 on Friday, February 16, 2024. Weekly volume was 6% 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 118.86 on February 16, 2024. XLI gained -103.72 points, or -685.07%, in 780 weeks. The chart has formed a Rising Channel chart pattern. The uptrend resistance line (90.82) 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 XLI medium-term trend chart]
A medium-term uptrend had started on October 27, 2023 at 96.11 and reached 118.86 on February 16, 2024. XLI gained -22.75 points, or -23.67%, in 16 weeks. Price is near the trend high.

Weekly Technical Indicators: [See XLI weekly technical indicators chart]
Weekly 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 weekly Relative Strength Index and Lane's Stochastic or strongly overbought weekly Williams' Percentage Range. Weekly 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 weekly 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. 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, Relative Strength Index and Williams' Percentage Range help.

The weekly MACD line is above its signal line since November 24, 2023. 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 XLI short-term trend chart]
A short-term uptrend had started on January 17, 2024 at 109.95 and reached 118.86 on February 16, 2024. XLI gained -8.91 points, or -8.10%, in 30 days. The chart has formed a Rising Channel chart pattern. The trend support level is at 115.99 and resistance is at 118.44. A Rising 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 Rising Channel chart pattern help, or use a Technical Stock Screener to see the list of stocks with Rising Channel pattern in a short-term trend.

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

The daily MACD line is above its signal line since January 31, 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) 66.67
Williams' Percentage Range (W%R) 6.10
Strong Overbought
Lane's Stochastic (%D-Slow) 87.10
Overbought Bearish
Greed/Fear Indicator (GFI) 82.55
Overbought
Moving Average Converg./Diverg. (MACD) 1.36 Bearish
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 87.57
Overbought Bearish
Williams' Percentage Range (W%R) 1.70
Strong Overbought
Lane's Stochastic (%D-Slow) 89.78
Overbought Bearish
Greed/Fear Indicator (GFI) 84.21
Overbought
Moving Average Converg./Diverg. (MACD) 2.29 Bearish
Trading Signals
Description Value Chart
Upper Bollinger Band 119.24
Weekly Trendline Resistance 118.44
Daily Stochastic Crossing 118.32
Weekly Stochastic Crossing 118.23
Price 118.03
Weekly Trendline Support 115.99
Parabolic System 115.35
20 Day Moving Average 115.34
50 Day Moving Average 113.26
Lower Bollinger Band 111.87
Yearly Trendline Resistance 105.48
Sector and Industry
Description Name Rank
Sector
Industry
Daily Trend
Description Value
Direction Up
Chart Pattern Uptrend
Low 115.09
Low Date 02/13/2024
High 118.86
High Date 02/16/2024
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Rising Channel
Status Valid
Resistance 118.44
Support 115.99
Low 109.95
Low Date 01/17/2024
High 118.86
High Date 02/16/2024
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 96.11
Low Date 10/27/2023
High 118.86
High Date 02/16/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 82.75
Low Date 09/30/2022
High 118.86
High Date 02/16/2024
Description Value
Direction Up
Chart Pattern Rising Channel
Status Broken Resistance
Resistance 105.48
Support 90.82
Low 15.14
Low Date 03/06/2009
High 118.86
High Date 02/16/2024
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.