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Uptrend Broken SupportArchive
- 4/26/2024 -
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SPDR Oil & Gas Exploration & Production (XOP) Technical Analysis
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| Summary:
| | Weekly :  | | Daily :
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| | It was a first positive week for the SPDR Oil & Gas Exploration & Production (XOP). During the week, the XOP gained 3.79 points, or 2.47%, and closed at 157.02 on Friday, April 26, 2024. Weekly volume was -35% below average.
 Long-term trend: [See XOP long-term trend chart]
A long-term uptrend had started on August 19, 2021 at 71.48 and reached 170.62 on June 8, 2022. XOP gained -99.14 points, or -138.70%, in 41 weeks. The chart has formed a Symmetric Triangle chart pattern. The uptrend resistance line (129.25) is broken. Usually a broken resistance is considered to be a long-term bullish signal, although a short-term pull back is possible. 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 XOP medium-term trend chart]
A medium-term downtrend had started on November 14, 2022 at 161.42 and reached 114.16 on March 16, 2023. XOP lost 47.26 points, or 29.28%, in 17 weeks. The chart has formed a Symmetric Triangle chart pattern. The downtrend resistance line (130.65) is broken. A broken support is considered to be a long-term bullish signal. 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 medium-term trend.
 Weekly Technical Indicators: [See XOP weekly technical indicators chart]
Weekly Williams' Percentage Range and Lane's Stochastic are overbought. Use the Technical Stock Screener to see the list of stocks with overbought weekly 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 above its signal line since February 23, 2024. The distance between MACD and the signal line is relatively high, but getting smaller. Use the following link to access a MACD help.
 Short-term trend: [See XOP short-term trend chart]
A short-term uptrend had started on April 18, 2024 at 151.09 and reached 157.37 on April 25, 2024. XOP gained -6.28 points, or -4.16%, in 7 days. The price is now at the 5.57% retracement level.
 Daily Technical Indicators: [See XOP daily technical indicators chart]
Daily technical indicators are neutral. During the last week, daily Lane's Stochastic signal line (%D) has moved above oversold area. Such crossover is considered a bullish signal.
The daily MACD line is below its signal line since April 11, 2024.
A Parabolic SAR (stop and reversal) indicator (157.41) comes close to the price (157.02). It indicates that the trend is getting weaker. 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 moved above 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.
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