The Utilities Select Sector SPDR ETF (XLU) closed at $58.1 last week, which was 1% and 6% higher than its 50-day and 200-day moving averages, respectively. XLU’s 50-day level at $57.6 acted as a support last week. Its 200-day level at $54.8 might also act as a support in the short to medium term. XLU is up more than 10% so far this year.
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Relative strength index
XLU’s RSI (relative strength index) was 62 at last week’s closing. RSI is a momentum oscillator, which takes values between 0 and 100. An RSI below 30 indicates that the stock is oversold while an RSI above 70 indicates that the stock is overbought. An RSI at extreme intervals suggests an imminent reversal in the stock’s direction.
Short interest in XLU stock fell 5% on April 15. On March 29, there were 46.3 million shorted units in XLU while the shorted units decreased to 43.9 million on April 15.
The short interest shows the number of shares that have been sold short and not squared off yet. A decrease in XLU’s short interest might suggest that fewer investors expect it to fall from the current levels.
XLU posted its 52-week high of $59.1 late last month. It has rallied more than 20% from its 52-week low of $48.4 in June last year.