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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
- 5/31/2024 -
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Technology Select Sector SPDR (XLK) Technical Analysis

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Summary:
Weekly :
Daily :Stochastic signal line moved below overbought areaDaily  MACD line has moved below its signal lineThe price has fallen below the Parabolic SARBullish Hammer CandlestickPrice is near the Fibonacci 38.2% retracement levelThe price is close to the moving average in the center of the Bollinger Bands
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It was the negative week for the Technology Select Sector SPDR (XLK). During the week, the XLK dropped -5.03 points, or -2.34%, and closed at 210.16 on Friday, May 31, 2024. Weekly volume was -24% below average.

Long-term trend: [See XLK long-term trend chart]
A long-term uptrend had started on October 13, 2022 at 112.97 and reached 217.62 on May 23, 2024. XLK gained -104.65 points, or -92.64%, in 84 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 186.31 and resistance is at 228.30. 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 217.62 on May 23, 2024. XLK gained -58.12 points, or -36.44%, in 30 weeks. The price is now at the 12.84% retracement level.

Weekly Technical Indicators: [See XLK weekly technical indicators chart]
Weekly technical indicators are neutral.

The weekly MACD line is below its signal line since April 5, 2024. The distance between MACD and the signal line is low and getting smaller. 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 May 23, 2024 at 217.62 and reached 205.53 on May 31, 2024. XLK lost 12.09 points, or 5.56%, in 8 days. Price is near the Fibonacci 38.2% retracement level. The Fibonacci retracement level is considered a support/resistance level.

Daily Technical Indicators: [See XLK daily technical indicators chart]
Daily technical indicators are neutral. During the last week, daily 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.

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.

Candlestick pattern: [See XLK candlestick chart pattern]
On Friday the chart has formed a Bullish Hammer Candlestick pattern. The pattern signifies a weakening in bearish sentiment and renewed buying sentiment acts as support and drives the price higher to close near its opening price. The reliability of the Bullish Hammer is high if it forms near support levels. However, it tends to have little significance, if it forms in the middle of a trading range. Use the Technical Stock Screener to see the list of stocks that had a Bullish Hammer Candlestick pattern during the last week.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 60.01
Williams' Percentage Range (W%R) 44.90
Lane's Stochastic (%D-Slow) 52.85
Greed/Fear Indicator (GFI) 55.97
Moving Average Converg./Diverg. (MACD) 2.83
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 59.68
Williams' Percentage Range (W%R) 23.30
Lane's Stochastic (%D-Slow) 69.35
Greed/Fear Indicator (GFI) 65.79
Moving Average Converg./Diverg. (MACD) 7.37
Trading Signals
Description Value Chart
Quarterly Trendline Resistance 228.30
Upper Bollinger Band 218.71
Parabolic System 216.77
Weekly Stochastic Crossing 212.46
Daily Stochastic Crossing 211.14
Price 210.16
20 Day Moving Average 210.12
50 Day Moving Average 205.75
Lower Bollinger Band 201.16
Quarterly Trendline Support 186.31
Sector and Industry
Description Name Rank
Sector
Industry
Daily Trend
Description Value
Direction Down
Chart Pattern DownTrend
High 217.62
High Date 05/23/2024
Low 205.53
Low Date 05/31/2024
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 192.04
Low Date 04/19/2024
High 217.62
High Date 05/23/2024
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 159.50
Low Date 10/26/2023
High 217.62
High Date 05/23/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Broadening Ascending Wedge
Status Valid
Resistance 228.30
Support 186.31
Low 112.97
Low Date 10/13/2022
High 217.62
High Date 05/23/2024
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 12.94
Low Date 11/21/2008
High 217.62
High Date 05/23/2024
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.