EPISODE 8/11: US CONSUMER STAPLES:WAVE+CHANNEL&INDICATOR TA(XLP)
Episode 8/11: US (SPX) Sectors Technical Analysis Series - 18th of July 2019
Brief Explanation of the chart:
XLP: Consumer Staples has relatively been one of the worst performing sectors since the last recession. However, recently due to the many uncertainties in the economy(US/CHINA Trade relations), staples have performed quite well (+18.1% for 2019 so far).
Moreover, this newly found bullish strength can be observed in the Monthly breakout from the RSI/MACD divergence. The potential upside would be in the range of 65-75$ based on Wave 5 variations. There is one major structural support which is marked by the purple square(range of 48-51$).
Key note from this technical analysis is the growing volume, which can be an indication of several factors. The most outstanding factor to me would be the recent growth in volume. This means that there is an increasing number of investors who are looking for "defensive" stocks that primarily constitute the staples sector. Obviously, this is not a good sign for the future of the economy.
This is just a brief "free" and very detailed analysis. Perhaps in the future I might form a premium group, to whose members I will provide all the details of my research.
>>I do not share my ideas for the likes or the views. This channel is only dedicated to well informed research and other noteworthy and interesting market stories.>>
However, if you'd like to support me and get informed in the greatest of details, every thumbs up or follow is greatly appreciated!
-Step_Ahead_ofthemarket-
Check my Previous episodes on the US Sectors:
EPISODE 7: US CONSUMER DISCRETIONARY( XLY):
EPISODE 6: US MATERIALS ( XLB ):
Brief Explanation of the chart:
XLP: Consumer Staples has relatively been one of the worst performing sectors since the last recession. However, recently due to the many uncertainties in the economy(US/CHINA Trade relations), staples have performed quite well (+18.1% for 2019 so far).
Moreover, this newly found bullish strength can be observed in the Monthly breakout from the RSI/MACD divergence. The potential upside would be in the range of 65-75$ based on Wave 5 variations. There is one major structural support which is marked by the purple square(range of 48-51$).
Key note from this technical analysis is the growing volume, which can be an indication of several factors. The most outstanding factor to me would be the recent growth in volume. This means that there is an increasing number of investors who are looking for "defensive" stocks that primarily constitute the staples sector. Obviously, this is not a good sign for the future of the economy.
This is just a brief "free" and very detailed analysis. Perhaps in the future I might form a premium group, to whose members I will provide all the details of my research.
>>I do not share my ideas for the likes or the views. This channel is only dedicated to well informed research and other noteworthy and interesting market stories.>>
However, if you'd like to support me and get informed in the greatest of details, every thumbs up or follow is greatly appreciated!
-Step_Ahead_ofthemarket-
Check my Previous episodes on the US Sectors:
EPISODE 7: US CONSUMER DISCRETIONARY( XLY):
EPISODE 6: US MATERIALS ( XLB ):
Comment:
XLP MONTHLY RSI. Quite different relatively to other sectors; there's no clear RSI support.
XLP MONTHLY RSI. Quite different relatively to other sectors; there's no clear RSI support.
Comment:
XLP QUARTERLY. Once again we get better long term picture. Both of the Quarterly EMA's 14 and 21(Blue lines) have been the bullish supports for the current bullish run.
Breaking these 2 supports and closing below 2 consecutive quarters, would be an indication of a crisis.
XLP QUARTERLY. Once again we get better long term picture. Both of the Quarterly EMA's 14 and 21(Blue lines) have been the bullish supports for the current bullish run.
Breaking these 2 supports and closing below 2 consecutive quarters, would be an indication of a crisis.
XLP MONTHLY MACD closeup.