Technical Update - US Equity Sector and Industry trends Technical Update - US Equity Sector and Industry trends Technical Update - US Equity Sector and Industry trends

Technical Update - US Equity Sector and Industry trends

Equities 4 minutes to read
KCL
Kim Cramer Larsson

Technical Analyst, Saxo Bank


This Sector and Industry analysis is planned to be updated bi-weekly and/or when there are some interesting developments. The analysis’ are just short comments and explanations with a weekly chart


 

Source all charts and data: Saxo Group

Semiconductor
After closing 391 Semiconductor sector switched to a confirmed uptrend. Next key resistance at 423.76.
To reverse the uptrend a closed below 336. First indication of this bearish scenario to play out would be a close below 55 weekly SMA.


Industrial
Range bound between 96 and 103.Breakout is needed for direction. If bullish break out potential up to around 108. Bearish breakout 200 weekly SMA providing support

Energy
Uptrend in a rising channel. RSI positive sentiment indicates higher levels but a close below 87.75 and the trend is likely to be reverse.

Oil & Gas
Uptrend could be reversed after bearish break of rising trendline. Oil & Gas have found support at 200 weekly SMA. A close below 135.85 confirms new downtrend. Despite bullish RSI 55 weekly SMA declining indicating underlying medium-term sentiment is bearish.

Metals and Mining Industry
A close above 54.91 will confirm uptrend with potential to 65. Resistance at around 57.16.
To reverse the uptrend a close below 48.70

Financial
RSI divergence indicates Uptrend could be exhausting. A close below 34.55 could see the Financial sliding back to test 200 weekly SMA..

Transportation
Forming an Ascending triangle like pattern . Bullish RSI indicates bullish break out. A close above 233.50 will confirm uptrend. Bearish trend with a close below lower rising trend line and below 223.45.

Technology
Trading in a steep rising channel. Facing strong resistance at around 139.40. A correction should be expected if resistance level is reached. However, bullish RSI indicates Technology could break the break higher. closes below 120.80.
Rising 21 and 55 weekly SMA’s are rising indicates underlying bullish sentiment supporting the bullish outlook.

Materials
Materials closed higher last week confirming uptrend. But divergence on RSI indicates weakening of the uptrend.

Utilities
Closed below support at around 69 confirming downtrend. Trying to move back up. RSI still positive (needs to close below 40 threshold to turn negative).
Declining 200 weekly SMA suggests strong overhead resistance and Utilities is likely to let go and move lower.

Retail
Retail rebounded strongly and is now in an uptrend. No strong resistance until around 75.80.

Health Care
Downtrend but could find some support around the 200 weekly SMA. RSI negative sentiment indicating lower levels are likely. A move down to around 128.70 is in the cards.

Disclaimer

The Saxo Bank Group entities each provide execution-only service and access to Analysis permitting a person to view and/or use content available on or via the website. This content is not intended to and does not change or expand on the execution-only service. Such access and use are at all times subject to (i) The Terms of Use; (ii) Full Disclaimer; (iii) The Risk Warning; (iv) the Rules of Engagement and (v) Notices applying to Saxo News & Research and/or its content in addition (where relevant) to the terms governing the use of hyperlinks on the website of a member of the Saxo Bank Group by which access to Saxo News & Research is gained. Such content is therefore provided as no more than information. In particular no advice is intended to be provided or to be relied on as provided nor endorsed by any Saxo Bank Group entity; nor is it to be construed as solicitation or an incentive provided to subscribe for or sell or purchase any financial instrument. All trading or investments you make must be pursuant to your own unprompted and informed self-directed decision. As such no Saxo Bank Group entity will have or be liable for any losses that you may sustain as a result of any investment decision made in reliance on information which is available on Saxo News & Research or as a result of the use of the Saxo News & Research. Orders given and trades effected are deemed intended to be given or effected for the account of the customer with the Saxo Bank Group entity operating in the jurisdiction in which the customer resides and/or with whom the customer opened and maintains his/her trading account. Saxo News & Research does not contain (and should not be construed as containing) financial, investment, tax or trading advice or advice of any sort offered, recommended or endorsed by Saxo Bank Group and should not be construed as a record of our trading prices, or as an offer, incentive or solicitation for the subscription, sale or purchase in any financial instrument. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, would be considered as a marketing communication under relevant laws.

Please read our disclaimers:
Notification on Non-Independent Investment Research (https://www.home.saxo/legal/niird/notification)
Full disclaimer (https://www.home.saxo/legal/disclaimer/saxo-disclaimer)
Full disclaimer (https://www.home.saxo/legal/saxoselect-disclaimer/disclaimer)

Saxo Bank (Schweiz) AG
The Circle 38
CH-8058
Zürich-Flughafen
Switzerland

Contact Saxo

Select region

Switzerland
Switzerland

All trading carries risk. Losses can exceed deposits on margin products. You should consider whether you understand how our products work and whether you can afford to take the high risk of losing your money. To help you understand the risks involved we have put together a general Risk Warning series of Key Information Documents (KIDs) highlighting the risks and rewards related to each product. The KIDs can be accessed within the trading platform. Please note that the full prospectus can be obtained free of charge from Saxo Bank (Switzerland) ltd. or the issuer.

This website can be accessed worldwide however the information on the website is related to Saxo Bank (Switzerland) Ltd. All clients will directly engage with Saxo Bank (Switzerland) Ltd. and all client agreements will be entered into with Saxo Bank (Switzerland) Ltd. and thus governed by Swiss Law.

The content of this website represents marketing material and has not been notified or submitted to any supervisory authority.

If you contact Saxo Bank (Switzerland) Ltd. or visit this website, you acknowledge and agree that any data that you transmit to Saxo Bank (Switzerland) Ltd., either through this website, by telephone or by any other means of communication (e.g. e-mail), may be collected or recorded and transferred to other Saxo Bank Group companies or third parties in Switzerland or abroad and may be stored or otherwise processed by them or Saxo Bank (Switzerland) Ltd. You release Saxo Bank (Switzerland) Ltd. from its obligations under Swiss banking and securities dealer secrecies and, to the extent permitted by law, data protection laws as well as other laws and obligations to protect privacy. Saxo Bank (Switzerland) Ltd. has implemented appropriate technical and organizational measures to protect data from unauthorized processing and disclosure and applies appropriate safeguards to guarantee adequate protection of such data.

Apple, iPad and iPhone are trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc.