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Downtrend Broken Resist.Archive
- 4/5/2024 -
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Technology Select Sector SPDR (XLK) Technical Analysis
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| Summary:
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| | It was the negative week for the Technology Select Sector SPDR (XLK). During the week, the XLK gave back -1.82 points, or -0.87%, and closed at 206.45 on Friday, April 5, 2024. XLK was trading at average weekly trading volume.
 Long-term trend: [See XLK long-term trend chart]
A long-term uptrend had started on October 13, 2022 at 112.97 and reached 212.35 on March 8, 2024. XLK gained -99.38 points, or -87.97%, in 73 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 179.20 and resistance is at 232.70. 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 XLK medium-term trend chart]
A medium-term uptrend had started on October 26, 2023 at 159.50 and reached 212.35 on March 8, 2024. XLK gained -52.85 points, or -33.13%, in 19 weeks. The chart has formed a Rising Wedge chart pattern. The uptrend support line (214.32) 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. XLK 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 XLK weekly technical indicators chart]
Weekly technical indicators are neutral. During the last week, weekly Lane's Stochastic signal line (%D) has moved below overbought area. Such crossover is considered a bearish 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 link to access Lane's Stochastic help.
The weekly MACD line is above its signal line since November 17, 2023. This is an indication that the medium-term trend is up. The distance between MACD and the signal line is low and getting smaller. It indicates that the current medium-term uptrend is getting weak. Use the following link to access a MACD help.
 Short-term trend: [See XLK short-term trend chart]
A short-term downtrend had started on March 21, 2024 at 211.93 and reached 204.00 on April 4, 2024. XLK lost 7.93 points, or 3.74%, in 14 days. The price is now at the 30.90% retracement level.
 Daily Technical Indicators: [See XLK daily technical indicators chart]
Daily Williams' Percentage Range is oversold. Use the Technical Stock Screener to see the list of stocks with daily oversold Williams' Percentage Range. Use the following link to access Williams' Percentage Range help.
The daily MACD line is below its signal line since March 7, 2024. This is an indication that the short-term trend is down.
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 (3.12%) is close to one year low (3.21%). It is 61.05% 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.
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.
 Candlestick pattern: [See XLK candlestick chart pattern]
On Friday the chart has formed a Bullish Harami Candlestick pattern. A Bullish Harami indicates that the bearish trend may be reversing, it signals that it's a good time to enter into a long position. Use the Technical Stock Screener to see the list of stocks that had a Bullish Harami Candlestick pattern during the last week.
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